<p>Scenario...institutional method calculator shows EFC of 54k., so we would not be getting need based aid in year1. My strategy is not to apply for FA figuring it might help in admissions. My question is, what happens when my D goes to college 2 years later? Quick calculations with 1 in college drops the IM EFC down to $33k. Now would I apply for FA for both kids?...meaning my son might be admitted under the premise no FA was needed, but would actually qualify 2 years later.</p>
<p>Think about it. What possible deterrent is it to admissions if your EFC indicates you will be on the lower end of any disbursed funds? You are not expensive to the school. Someone with an EFC of 5,000 is.</p>
<p>right…so are you saying not to apply until later?..My scenario is that my son’s stats would put him border line in the schools he will be applying…not needing FA might be the edge that gets him in.</p>
<p>I think Scott is saying go ahead and submit a FAFSA and apply for FA, because your child isn’t expensive to the school.</p>
<p>But, since your son is borderline…hmmm</p>
<p>Does the school have a policy that if you don’t apply the first year, then you can’t apply later?</p>
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<p>I guess that is the key question…I don’t know. Do many schools have such a policy?..I would bet not.</p>
<p>Just ask the various schools of interest. I think most will recalculate every year and not care if you didn’t apply for FA the first year; it can definitely help admission chances at need-aware schools (most privates) if no FA is needed the first year. Also consider which schools meet full need.</p>
<p>We didn’t apply until S’s junior year because of lowered income. School had no problem with that. You will always get any fed/state money you qualify for, but CC board wisdom says that some schools might not use institutional funds for folks who don’t apply the first year. This wasn’t our experience, but warrants a call to the FA office just in case.</p>
<p>^ that begs the question then of why parents who have enough saved for just 1 year of college don’t file for FA that first year knowing it might help get their kid in…but then filing for FA the subsequent years…</p>
<p>another question…assuming there is an advantage to not applying for FA for some schools…is the advantage just in not checking the box for FA…or would there be the same advantage for checking the box and completing the profile showing an EFC over 50K?..</p>
<p>*that begs the question then of why parents who have enough saved for just 1 year of college don’t file for FA that first year knowing it might help get their kid in…but then filing for FA the subsequent years… *</p>
<p>That’s why many schools that give good aid require that kids apply for aid the first year, UNLESS something major happens - like the breadwinner dies or become unemployed for a period of time (I think more than 6 months).</p>
<p>I don’t understand when people say the school has a <em>policy</em> that you can’t file in later years if you did not initially file.
This is very misleading. What the school is referring to is <em>institutional aid</em>. They mean if you didn’t file your first year, needed the money, file the second and then expect them to give you lots of grants - you probably won’t get them.
A school can’t stop any student from applying for financial aid because they didn’t apply before.</p>
<p>If your EFC goes from 54K to 33K you still probably wont’ get an institutional grant. They can’t stop you from qualifying for and receiving Stafford Loans.</p>
<p>If you dont’ need the help then don’t apply. If circumstances change then you can always explain that.</p>
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<p>I figured a $21k drop in EFC with a second child attending college would be a big enough decrease for institutional aid(grants). Is that really the case? I wouldn’t be interested in any loans.</p>
<p>Ask the colleges/universities about the specifics of their financial aid policy. </p>
<p>Yes, there are indeed institutions that will not award one cent of their own money if your family financial situation changes in the future and you didn’t file a financial aid application along with your initial application for admission.</p>
<p>A total EFC drop from 54k to 33k for ONE kid wouldn’t be likely to produce aid. If that 33k is divided by two (16.5 and 16.5) there may be more institutional aid available. Again, it all depends on the school(s) involved so ask.</p>
<p>Unless the schools are top/elite ones that meet 100% of need without loans (or with small loans), JustaMomof4 is probably right. You’d probably just be given loans or gaps. Most schools cannot meet need.</p>
<p>geeps20 - it’s going to depend on the school. Some private colleges give very little aid anyway. I know one that only awards grants to those who win a merit scholarship.
The vast majority of colleges will gap you.
You still might want to apply for financial aid later for state grant consideration if that will apply to you.</p>
<p>You probably would benefit from calling the school’s financial aid policy. They can give you an idea of what you can expect.</p>
<p>Is your son applying to any schools that would give him strong merit? If paying for both of your kids’ college educations is going to be difficult, then I’d recommend that your son go to a school with some merit money.</p>
<p>However, if you can pay for both kids, you probably need to prepare to do so. Since it sounds like you don’t like loans (we don’t either), that’s what you’d likely get from most aid packages since your EFC is high.</p>
<p>no merit aid as his stats will be borderline. We are definitely preparing to pay in full for both kids…but when I played around with the FA calculator today and saw IM EFC drop from $54k to $33k when my younger child(2 years younger) was entered, it got my attention.</p>
<p>“Yes, there are indeed institutions that will not award one cent of their own money if your family financial situation changes in the future and you didn’t file a financial aid application along with your initial application for admission.”</p>
<p>Is there a list somewhere, or can you say which ones you know about? It could help people… :)</p>
<p>geeps20, the schools where being full-pay would be an admissions advantage - “need-aware” schools - are the most likely to have the policy of not awarding institutional funds in subsequent years if you do not apply for aid the first year. </p>
<p>Need-blind schools - where your son would not have an admissions advantage by being full-pay - are the most likely to be willing to award institutional funds in future years.</p>
<p>*saw IM EFC drop from $54k to $33k when my younger child(2 years younger) was entered, it got my attention. *</p>
<p>But, that’s based on your current income. Your income (and assets) may likely be higher in 2 years when younger child goes to college. Then, that EFC will rise.</p>
<p>But, yes, right now, it looks like each child might have an EFC of $33k. But, if they are going to schools where they don’t have much institutional money to give, they’re likely to gap you or put in loans.</p>