<p>My dad filled out the EFC on collegeboard and it says my family's yearly contribution is $70,000 per year. My parents combined make roughly $400,000 a year. Should I fill out the FAFSA? What about CSS?
Thanks</p>
<p>Some colleges and universities require that you file the FAFSA and/or Profile in order to be considered for merit-based aid even if that aid does not specifically have a need-based component.</p>
<p>Some colleges and universities will not consider you for any financial aid in future years if you do not apply for your first year. That means that if your family should experience a catastrophic change in their financial picture, you would still be expected to pay the full costs.</p>
<p>If your parents will want you to take out Stafford Loans to help with the cash flow, you must file the FAFSA.</p>
<p>*That means that if your family should experience a catastrophic change in their financial picture, you would still be expected to pay the full costs.
*</p>
<p>I don’t think that’s true. If there is a catastrophic change (job loss, death of breadwinner), then they will let you apply. </p>
<p>What they don’t want you to do is **pretend **that you don’t need aid (to get an admissions advantage), pay for one year, and then apply for aid - when there’s been no change of circumstances. There have been students that try this at the top schools that are “need aware” (especially for int’ls). They have $60k saved, so they pay the first year and then want to apply for aid later.</p>
<p>I would hope that schools would be understanding if there is a catastrophic change in finances. BUT some schools are VERY clear… If you do not apply for institutional aid as an incoming freshman you cannot do so in subsequent years.</p>
<p>It is going to do this student NO HARM to apply for institutional aid. It will be very apparent that the student doesn’t need it for the upcoming year.</p>
<p>Apply, the worse thing that could happen is that you would get stafford loans and parent loans</p>
<p>^ apply if you don’t need the possible acceptance boost</p>
<p>ok thanks guys. What if i said that i dont intend to apply for aid on the commonapp? Because my counselor told me I should do that…</p>
<p>Also, the real world definition of catastrophic could be different from a family to a financial aid counselor, so no guarantee that what you think is catastrophic would be considered so by a college.</p>