Should I Apply for Financial Aid Even if I Don't Really Need it?

Paying for College
1

On my 3 EA applications, I indicated that I intend to apply for need-based aid simply because even though my family is more than capable of paying for my college education, who wouldn’t want to reduce the price? However, after doing more research, I realized that I will likely not qualify for need-based aid. So, my main question is: will I face any consequences by indicating that I intend to apply for need-based aid and then not actually applying? If so, is there any way I can declare that I am retracting my decision to apply for need-based aid? Thanks!

2

Did you fill out the FAFSA/CSS Profile already? At some need aware schools it may make a difference, though if you come from a high income zip code maybe not. You can always call the schools and ask that your FA request be changed. I really don’t think it will matter in the long run.

3

There will be no consequences for indicating that you will apply and then not applying, but depending on the school (need aware vs. need blind) and the specific details of your application (i.e. level of competitiveness), there may be consequences simply for indicating that you intend to apply for need-based aid.

Yes; simply contact the school and notify them that you want to amend your application.

4

If the school is need blind for admissions, a financial aid application won’t make a difference

If the school is need aware for admissions and your finances indicate the college doesn’t need to offer you need based aid…it won’t matter that you applied.

5

Thank you for the responses! It seems like my best bet would be to just email the admissions officers at these schools and let them know that I no longer intend to apply for need-based aid.

6

I would apply anyway.

Some colleges consider anyone who makes less than $180K to have “need”. Some scholarships that don’t come from the colleges themselves ask you to fill out the FAFSA. It seems some colleges may not give you FA if your family’s circumstances change later if you did not submit a FAFSA as a freshman. There is little downside to filling it out. All they can say is “no”.