<p>My understanding from a recent event at our high school on financial aid is that alot of non-need based scholarships require that you file the FAFSA and NOT get the need-based aid. So our high school college counselors recommend everyone file regardless of income level and/or savings.</p>
<p>Also for working on campus.</p>
<p>Here in Florida last year or the year before was the first year you had to file a fasfa in order to receive the Florida bright futures scholarship. It had or has to be filed before the kid graduates high school. 2 years ago with my oldest I waited as long as possible to file. My reasoning then was why let schools who give good merit know how much you really make before the merit based scholarships are handed out. I agree with the poster about there being a difference not applying for financial aid and actually telling the exact amount you make. In my case it’s not how much we make, but the assets we inherited over the last 20 years. This time my senior son applied as early as possible to most of his schools so whatever merit he was possibly going to get has already been given. But gotta do that fasfa again cause of florida bright futures. It’s free money:). So can anyone tell me if it is easier to fill out for the second child? And do I use my same pin number? So I could just use last years numbers? And will someone tell me when I have to update it with 2013 numbers? Sorry so many questions.</p>
<p>Both of my daughters received merit scholarship money. I was required to complete FAFSA for both of them for freshman year. The scholarship money was offered prior to them receiving any FAFSA info. I didn’t fill it out in subsequent years that as we would not have received anything so I agree with your accountant…don’t bother. I sure wish we had had as much money saved as you did … We did not. We do make decent income but definitely have accumulated significant debt to put them brought school. All good though as they were both excellent students and will succeed in life!</p>
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If I was not going to qualify for any need-based aid, either Federal or otherwise, based on my income, I would not hesitate to fib about my assets on the FAFSA. No one verifies assets AFAIK.</p>
<p>If it isn’t going to make any difference, then why fib? And if fibbing benefitis you in some way, then it’s a bad idea.</p>
<p>How do you know FAFSA does not verify assets?</p>
<p>
To protect your privacy. If it benefits you, then yes it is bad.
I don’t recall anyone here ever reporting a school verified the contents of their bank account or brokerage account.</p>
<p>And how do you verify assets if you have no idea they exist?</p>
<p>Don’t colleges that require the College Board CSS correlate the CSS figures to the FAFSA figures?</p>
<p>My sons school verified assets, if by that you mean asked for statements. I had to send our bank and brokerage statements.</p>
<p>^ FAFSA or CSS Profile school?</p>
<p>I don’t actually get statements any more, I am not sure how I would verify a bank account.</p>
<p>
You’re filing a FAFSA with your social security number, birthdate and all income information and you’re worried about privacy? Not to mention the fact that if you have interest or dividend income with no corresponding assets, that’s a sure sign of fraud.</p>
<p>^Why should I tell you about the 10 pounds of gold bars I have under my bed or my ocean-front villa in Miami Beach when it won’t make any difference? 
</p>
<p>I’m not advocating anything fraudulent, I’m just saying that if I am being forced to fill out the form to get merit aid and there is zero chance of getting need-based aid, I might not be completely accurate when reporting my assets.</p>
<p>Unfortunately I didn’t have to face this decision. :D</p>
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<p>Its a fafsa school. I dont receive paper statements in the mail either, but they are all online.</p>
<p>MrsDrz- do you have the link for the story you mentioned?</p>
<p>I have been waiting for a thread like this! Thank you CC. So I wasn’t planning on filling out the FAFSA at all for all of the reasons others here have mentioned. What if I wait until after I file my taxes and I know which school my kid will attend. Just to have that on file is it ok to file it with the one school say in May? I’m not doing it for FA. Would I also need to do the same thing with the CSS?</p>
<p>Ok, another threat says that all of your answers on FAFSA are revealed not just the final number… So that means they see everything that is in our ROTH ira, SEP IRA’s all of the saving accounts, etc We don’t have a mortgage but I’m guessing that the value of our land and the house will be on there as well…</p>
<p>So that settles it. I’m never filling it out. They would want us to donate a building…</p>
<p>FAFSA doesn’t ask about the amount in retirement accounts nor does it ask about the value of your primary residence.</p>
<p>With your address, one can get a pretty idea of the value of your house, thanks to Zillow and property tax links. Reitrement accounts are not to be listed.</p>
<p>But the fact of the matter is if you are selected fro verification, and I was just for a stinking PLUS loan that did not require any need, you have to send in what ever is asked from you. In my case it was the actual return and attachments, which i believe wiil be linked through some IRS retrieval system if it works, for this year. </p>
<p>The chances of the gold bars under you bed getting discovered might be small, but actual account balances as of date of FAFSA submission is not an unusual request, and any account that shows up on IRS docs can be requested. </p>
<p>The bottom line is that a request for most anything can be made. Just like when you are borroiwing for a business or a mortgage. They don’t call it EFC (Every Friggin’ Cent") for no reason.</p>
<p>Ha! Now I know what EFC stands for!</p>