I’m currently attending school on a full merit scholarship - I was notified of the scholarship in December of my senior year, about a month before I filed the FAFSA. When I asked my school whether or not I should file the FAFSA, they told me to just do it for the sake of having it on file.
My family’s EFC from last year’s FAFSA was about 10k more than the total COA of my school. My school produced a financial aid package on top of the merit award that was just a single unsubsidized federal loan which I declined. (I wasn’t offered work study, I don’t believe) My family’s EFC is likely to be even higher this year because my family earned considerably more through overtime. I do not qualify for any need based aid and I do not need any aid on top of my merit award. My family and I can comfortably afford any expenses not covered by the scholarship.
Should I file it anyways? Should I contact the school to see? If it means anything, I’ve already had the scholarship applied to my account for the Spring and have no outstanding balance as a result.
I don’t see any reason why you would need to, especially if your merit scholarship is not contingent upon filing it. If you don’t need the loans and you know there won’t be a change in your EFC, don’t bother. Just make sure your school applies your merit scholarship for 15-16, because sometimes the FAFSA is what triggers the creation of the aid package. If this is the case, you may need to remind them that you do not plan on filing.
I’d ask the school to be sure what their policy is. I think there are some schools that don’t allow you to apply for aid in later years if you didn’t file for it from the beginning. Congratulations on the merit award, though.
I would do so simply because you don’t know what may happen where you need money fast. The FAFSA on file means you could get those loans within a week or so if an emergency or need arises. My son found this out his sophomore year when he had to drop his job and then got hit with some costly issues and some great opportuniites both costing more money than he had budgeted. When you are just 20 years old without much of a credit history and not much income, you aren’t going to find lenders easily. He borrowed $3500 from Direct Loans which allowed him to get comfortably through the term despite the financial setbacks, pay for a course over the summer, and go on a trip with friends that was a terrific deal, but meant not only a cost but time off from summer work, meaning less money earned. He paid back the loan in the next year and a half or so and learned how difficult it was to pay back the money. But he could not beat the terms of that loan.
