<p>My daughter wanted to work at the schools radio station and though that first year we didn’t file fafsa as we thought we wouldn’t need to, in order for her to work on campus she had to have a fafsa on file. In subsequent years she did get aid, so having fafsa in system was imperative.</p>
<p>I know at daughters school all kids who worked on campus, either through work study or not, needed fafsa. Daughters bf was a lifeguard, did it for extra cash, he got no fin aid, but he had to have fafsa in records.</p>
<p>So if your kids want to work on campus, having fafsa maybe necessary regardless. And though they don’t have to work, work is good.</p>
<p>If it’s a lot of trouble, and the likelihood of needing it is small, don’t do it. Just get the PINs so you can move quickly if you need to fill one out, which seems unlikely to me.</p>
<p>We’re in a similar situation as the OP, but were advised by our CFP to fill out a FAFSA if we were interested in helping our daughter build credit. I’m still on the fence about whether it’s really worth it, though.</p>
<p>Yes, work is good, as is making students feel some of the financial burden of their education. There was an article on this very subject on line yesterday. How GPA’s are higher for students that have a financial pan on the college stove so to speak. Some of the commentators dismissed this with a “Who cares?” Others, like myself, see it as an ownership in their own future, rather than an entitlement that many students expect today. </p>
<p>If they take out a few loans and follow the rules established for their time in college, then the parent can step in and pay off the loans for them and maybe even give them some financial help while they are getting established in the workforce. The small amount of interest paid is nothing compared to what the bigger picture is teaching. Sometimes just because you CAN, doesn’t mean you SHOULD. My husband’s parents who had the money to put him through college, chose instead to help minimally instead and make him work for his education. It was hard and we didn’t understand then what they were doing, but we do now. I say we, because we were already married in college.</p>
<p>Never fool yourself into thinking that even the most studious, wonderful, and just darn GOOD all around child, with a stellar GPA, GATE, and $112K/4 years academic scholarship can’t get caught up on the wrong path while in college and lose everything. We experienced it and I doubt we are alone. We were glad there was a financial investment there on the part of our student. </p>
<p>The path back to normal is much longer and harder as these kids mature and reevaluate priorities. Just sharing my thoughts…</p>
<p>Actually - the building credit statement previously made is a good point – taking out a modest student loan and paying it back with the funds (not spending the funds) is an excellent way for the student to start building credit while in school (and only has a modest interest expense). At many schools this may require the FASFA. First time through the FASFA is a pain – but once you get the hang of it it gets much easier. Most schools want the FASFA in Jan/Feb – so it’s not at all unusual to estimate the numbers and update later. I would minimally get the PIN’s set up, and see what the particular school requires the FASFA for.</p>
<p>I guess I have trouble because both my husband and I had our college expenses paid for by our parents. Neither of us felt entitled but rather extremely grateful and have actually paid back the parents by buying them a car and other things as they have fallen on harder economic times now… So I guess I have the bias that it is something I am supposed to do for my children… that said, if they don’t do well, then they are on their own… My sister did not do well and STILL doesn’t have her degree, her choice. All of my husband’s siblings did well.</p>
<p>I have put two kids through private colleges so far without filing FAFSA, as we did not qualify for need-based aid. One received merit aid. Both worked on-campus with no problems. Neither one took out any loans. The first one graduated in 3 years, the second one in four years. My third kid is about to start college and I will not file FAFSA or take out loans. Why provide detailed personal information if it isn’t necessary and won’t get you anything? With all your savings it doesn’t seem you need to do it for the “insurance.”</p>
<p>I think most schools are smart enough to figure out that if you don’t apply for or need any FA – you are already going to be a target for the development folks to seek you out for donations – likely for life.</p>
<p>If by chance your child has been nominated by a teacher in your HS school for some outside award or scholarship, or your Company offers something, those might also require a FASFA to be filled out as a requirement to receive the Money (they were in our case ) … just do the research … and at least get the PIN’s set up.</p>
I think there is a big difference between “didn’t apply for financial aid so maybe they have money” and “the parents make $1 million per year according to FAFSA”.</p>
<p>True … and I imaging there are far fewer of the $M+ income category – and that they would even care about the fasfa. I would hope at that income level they would be seeking professional advice and not listening to us :-)</p>
<p>The way it was explained to me is that the college will not give you any money until you prove that the federal government will not give you money…</p>
<p>That is SO not true… For instance, my son got merit aid without having to prove that the government wouldn’t give me money.</p>
<p>Yes, we did ask our accountant and she said she wouldn’t bother filling out the FAFSA. She didn’t for her children when they went to TCU. But maybe like cup suggests, I should go ahead and get a pin… I’ll talk to hubby about it…</p>
<p>First, congrats on saving successfully for college. You may have enough to potentially offset some grad school expenses for one or more of your kids.</p>
<p>We did not expect financial aid, but were advised to fill out the FAFSA for merit aid purposes and my D did get 10k/year at the last minute because our incomes were about normal financial aid limits, but yet we still weren’t what you would call wealthy. Maybe for your S it doesn’t matter since he already has some merit aid to consider, but once you have two or more in college, it will be good to have that as a potential buffer should an unexpected financial issue hit your family (job loss, medical catastrophe, etc.).</p>
<p>I say do it. I got and gave advice not to bother, but when “this friend of mine’s” D was a senior and son a freshman, she was applying for an unsub loan, so they tossed his school a copy of the fasfa too. It was June and they’d already paid the deposit, and he got some money in his account within a week. It certainly wasn’t even half the COA, but it was a very welcome surprise. Their efc was just a bit below both kids private school tuition. They both also got work study.</p>
<p>They “knew” it had to be a fluke, but the same thing happened the next year with one kid in school. But no work study. </p>
<p>I sure hope I didnt jinx it.</p>
<p>BTW, D’s never gave a penny, but started the calls for money before her bed cooled off. S’ s school waited until the second year.</p>
<p>You should check with the school about qualifying for merit money. In order to be considered for future departmental/merit scholarships, his school requires the fafsa.</p>
<p>I have a question somewhat related to these questions. I had a very lucrative consulting position which inflated my 2012 income - but my 2013 income is likely to be 25% lower. If I fill FAFSA, I doubt I will qualify for anythig (may be a little bit), so how can convince colleges that my 2013 income would be most likely be different? May be this is a question I should ask the college financial aid office once my S decides his college.</p>
<p>At USC, I didn’t file and still got a merit scholarship. My younger sister also got offered some merit money recently (she’s waiting for the results of her applications), no filing (although schools wouldn’t expect her paperwork at this point).</p>
<p>Matrix, is your 2012 income inflated significantly from 2011, 2010, 2009 as well as what you are expecting for 2012? If 2012 was truly unusual in terms of what you made, you can appeal and ask for professional judgement, and see how it goes. It might be wise to pick a few like colleges that your son is considering after acceptance and see how they compare on how they treat the matter, and use it as bit of a negotiating tool if one school will give you some consideration.</p>