<p>I did the collegeboard finaid calculator and got EFC as follows: institutional of about $47,000 and federal of about $52,000. Doesn't look like we're getting anything, so will D get a small admissions boost at some of the private colleges if we state that we are full pay? I am still hoping for some merit aid at the lower ranked schools and that may be a factor in D's final decision come April.</p>
<p>I am confused and would appreciate any opinions.</p>
<p>Can you really, truly pay that amount right now? Do you have that kind of money socked away where it is safe, or would your ability to pay for all four years depend on your current financial situation not changing? Some colleges and universities will not let you apply for need-based aid in future years even if your situation changes if you don’t apply the first time around. Do you know if any of the schools on your D’s list have that kind of policy?</p>
<p>Of course everyone’s financial situation can change and I think one of D’s schools will not allow financial aid for sophomore year in that case.</p>
<p>Right now, I do have that kind of money. Is it safe? Who knows? It’s invested so not 100% safe and if some emergency happens, we may have to use it so who knows.</p>
<p>If I was in your situation, I would check the “no financial aid” box. For the school that will not allow a student to apply in subsequent years, if it was me, I’d probably call the school’s FA office and ask their advice, giving them the information you’ve shared here.</p>
<p>I think that some have advised that as a child nears college age, invested money should be placed in less risky investments to ensure college payment. </p>
<p>But, it also sounds like if you became unemployed, you’d need that money. How sound is your employment (or your hubby’s)? </p>
<p>That said, I would still not check the box…if something tragic happens later, then I’d approach the F/A office. I would think the “no applying later rule” is really for people who only have $50k saved for the first year and get accepted with no need, but then want F/A later . I think if you could demonstrate that you had $200k+ available for your DD at the time she was a freshman, but then tragedy struck, they would work with you.</p>
<p>Hubby’s a government worker so pretty safe, but we are one income so of course I worry. I am really torn on this. I don’t mind filling out the forms, I just wonder if I am giving up a “fullpay” boost even though we are going to end up full pay anyway.</p>
<p>I was told by an admission counselor that if you want student loans, such as Stafford, you have to fill out the FAFSA. IF this is the case - and you don’t expect to get aid on need, check no, but fill it out, and then you can apply for loans.</p>