<p>Our EFC is higher than any of the schools' total college costs my S applied to, so finaid is pretty much zero. As with most middle-income families here on CC with a similar situation, we somehow will come up with the EFC (current funds, savings, loans, etc). When S was doing his applications, I told him to check the "Need finaid" box and I really intended to send CSS Profile/FAFSA and whatever else that needs to be sent to be considered for finaid. S is now working on scholarship applications and I know that if he does get any finaid, they will reduce his finaid by any scholarship funds he may get. I also read that some schools will reduce the loan part instead if he gets outside scholarships. </p>
<p>I am now rethinking this - should I email the schools to tell them NOT to consider him for finaid, or should I go ahead and apply for finaid as planned? Ad you all know, there is quite a bit of work involved (not too daunting for me) and fees to boot (CSS). </p>
<p>I asked him to check the "need finaid box" because our EFC is staggering, and like most shell-shocked parents, I could not believe the colleges think we could come up with those numbers. Yes, I am naive when it comes to college finaid (first timer), and I am now rethinking applying for finaid.</p>
<p>What have been the experiences of those in a similar situation?</p>
<p>Is he eligible for merit awards? Some schools require you to apply for financial aid to get merit, too. We had to for DD last year. That was the only time we did the paperwork. Her brothers were not eligible for merit and our EFC was more than the schools cost for them.</p>
<p>Yes, he is eligible for merit awards; actually already got one from his safety school but he did not have to submit any finaid information to get that one. I'll ask him to research each and every school and what the requirements are for merit aid in terms of financial aid application.</p>
<p>We also didn't qualify for FA, but did "qualify" for an unsubsidized Stafford loan, which we had our d take - wanted her to have some skin in the game.</p>
<p>At least one school she applied to mentioned the downside in not applying in freshman year: in subsequent years, if you do apply, you're put in the bottom of the queue. The order for distribution of funds goes like this: returning students who got aid, incoming freshmen who need aid, returning students who didn't get aid but had applied, returning students who hadn't applied.</p>
<p>And we also figured that we'd apply just so they had our information on record in case something untoward happened during the year - job loss, parental illness, etc. Then we'll just have to talk to them about the changes without having to fill out some complex forms in crisis mode.</p>
<p>Some of my friends who don't qualify for finaid do so to get the unsubsidized Stafford loan. H and I haven't really discussed this to have a clear answer. </p>
<p>I can see the advantages of applying even though one does not qualify in the event the financial circumstances change.</p>
<p>Maybe I am just so tired from the holidays that I am going through my "To Do" list and hoping to cross out the CSS/FAFSA requirements.</p>
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And we also figured that we'd apply just so they had our information on record in case something untoward happened during the year - job loss, parental illness, etc. Then we'll just have to talk to them about the changes without having to fill out some complex forms in crisis mode.
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<p>Oh boy, I found out this could be DD's first blunder in college application process. DD did not mark yes on this box because for this year we don't need it and we don't see any event in the near forseable future that we may need this. But we don't have a crystal ball, we can't forecast 2-4 years down the road? What happens if both parents loose their jobs and a student did not mark this box?</p>
<p>I would opt not to ask for financial aid if my EFC is greather the cost. I think for some schools if you do not need aid you have a better chance of getting in, most schools need full paying students.</p>
<p>99cents - if you need aid next year because of unseen hardship, then you could apply for it then. Just because you check off financial aid, it doesn't mean you will be placed ahead of other people later on.</p>
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For non-need-blind schools, not asking for aid could increase your chances of acceptance
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Actually, I don't think this is true. Non-need-blind schools care about the bottom line - how much money are they going to have to give away? A student who doesn't apply for financial aid and a student who applies but doesn't qualify have the exact same impact on the bottom line. They care about how much, not the fact of application.</p>
<p>Well...I always give the same advice. Apply for the finaid. You are fortunate that your circumstances are such that you are able to fund your child's college education. Hopefully there will not be a change in your financial circumstance. However, if there is, you will need to verify with the college your financial situations both before and after any financial changes. For example...suppose one parent loses their job, becomes seriously ill, or the like? Your financial picture could rapidly change and you would want the college to be able to RECONSIDER your financial aid. If you didn't file in the first place, you would not have the initial info on file. For reconsideration, most schools want to see both the before and after of your financial picture. We all hope we won't have an issue like this, but I'd rather be safe than sorry. DH got laid off from his job in November of DS's freshman year at an expensive college. Luckily he found another job quickly, but if he hadn't we HAD the forms on file and were very prepared to ask for reconsideration via special circumstances (husband's job loss and income loss).</p>
<p>Some schools will not award you institutional aid in subsequent years if you do not apply as a freshman. You need to check this also.</p>
<p>AND as noted, some schools DO require that all forms be completed even for merit aid. From what I can figure out, the schools want to disperse any federal aid for which you are eligible BEFORE they disperse their own scholarship (merit) funds. </p>
<p>Yes, there is a small advantage for non-needblind schools...but the reality is that the folks reading your application and the folks reading your finaid applications are not sitting side by side at most places. If you don't have a chance of being accepted because of your stats, you aren't going to get accepted just because you can pay the full freight.</p>
<p>Thank you for all the responses. It seems applying for finaid has more advantages (a change in future financial circumstances that no one can foresee) than disadvantages (slight edge in admissions for non-need blind colleges, if any). I have no clue how college admission works with their financial aid office in non-need blind schools, but it seems that Chedva's and thumper1's positions on this sound reasonable.</p>
<p>
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For non-need-blind schools, not asking for aid could increase your chances of acceptance.
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</p>
<p>Just out of curiosity, how do we find out what schools are non-need-blind? I did not pay attention to this factor at all when searching for colleges , not that I think it will make a difference to DD's case. Just wondering it might help with the next kid.</p>
<p>I am sorry, but I am not getting what people are saying here. If you are not eligible for financial aid, by applying for it freshman year, doe not get a place holder for you for future aid. If, god forbid, if your situation should change you will then need to fill out a financial aid package. They will know that your situation has changed by looking at your tax return from previous years vs current, not by the fact that you have applied for financial aid when you didn't qualify for it. Just because you loose your job does not automatically qualify you for financial aid - you should have savings and other assets.</p>
<p>Not that many schools are need blind, many of them come close. One of top 20 universities told us very proudly - we will be need-blind next year.</p>
<p>There was another thread a while back where a parent wanted to know if they should forego financial aid in order to get into a school, then apply for financial aid second year. The answer was if your situation didn't change the second year, they most likely wouldn't give you aid, therefore do not not apply for aid, if you are elegible for it, to try to get into a school.</p>
<p>oldfort, I don't mean to say that applying will allow you to get financial aid. But we applied earlier because colleges will already have the paperwork to look at the change. If I lose my job, I don't want to have to then gather all the paperwork to file the forms in the first instance. I want to be able to call the school and say, Please pull my file. This is what my situation was yesterday. Today I lost my income. What should I do now?</p>
<p>And, while it may be true that most schools don't consider whether you applied for aid for freshman year, I know at least one school that specifically stated that it did. If you didn't apply in freshman year, you were put at the end of the queue for subsequent years.</p>
<p>Chedva - If you economic situation should and you also need aid because of it, I think it would take you a day (probably less) to fill out the forms. Your school probably would not expediate your application just because they have it on file because they will still need to see proof of your economic change. The question is, why would you disclose your financial information to anyone for no apparent advantage. The analogy is: Would you file an insurance claim if you are not going to receive any payment because of deductable, and you may get your premium raised. I think you are put at the end of the queue if you do not qualify for aid freshman year, not whether you apply for it. Otherwise, they would have many unnecessary financial aid app from all of their freshman students.</p>
<p>I read Skidmore's FAQ about financial aid. They said if they run out of money they will put some qualified need based students on the waitlist. The flip side is if they have students with similar qualification, they will take students that do not need aid because then they could use that money for some brilliant students that need aid.</p>
<p>IMO - if you apply for aid even if you don't need it, the message you are giving is that money is a big factor for you, therefore if you don't get any scholarship(merit or need) then you will most likely not attend the school. There are many schools that do not give merit scholarship, and still not need blind.</p>
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<p>If you are not eligible for financial aid, by applying for it freshman year, doe not get a place holder for you for future aid. If, god forbid, if your situation should change you will then need to fill out a financial aid package.>></p>
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<p>Oldfort....some schools will not award institutional aid to students who do not apply as freshmen. It is just the school policy, and students need to check to see if this is the case at their school. I didn't mean to imply that a "place was held just in case". That is not true. BUT if the school will not consider you for institutional aid in subsequent years, you should seriously consider applying as a freshman. Honestly, some schools do NOT award institutional aid to students who don't apply for aid in their freshman year.</p>
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<p>if you apply for aid even if you don't need it, the message you are giving is that money is a big factor for you, therefore if you don't get any scholarship(merit or need) then you will most likely not attend the school>></p>
</blockquote>
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<p>I absolutely do NOT agree with the above statement. My kids both applied for aid everywhere they applied for college. AND both went to schools that did not give them the most financial aid. We insisted that our kids apply for financial aid so that they would have Stafford loans. It is their contribution to their college educations. No finaid applications...no Stafford Loans.</p>
<p>thumper1 - you were eligible for financial aid, therefore there is no reason to leave money on the table. I don't agree with people that do not apply for financial aid just because it may give them a slight advantage. I am referring to families that do not qualify for aid - and it's not that difficult to figure out whether you are qualified or not. </p>
<p>I could be wrong, but if your family economic has changed, schools will allow you to apply for financial aid late if you didn't apply for financial aid freshman year. However, they will not award you any aid later if your situation didn't change, but need the aid, and chose not apply the first year.</p>
<p>My kid has unsubsidized loan because we require her to contribute to her education. There was no financial aid app, other than a credit check.</p>
<p>oldfort, I guess your economic situation is easier than ours, or maybe you're just more organized than we are. It took us weeks to get all the necessary data together, and I don't want to have to deal with it in a crisis. </p>
<p>We don't qualify yet for need based aid. I applied anyway, and I stand by my advice. (There also was a chance that we would qualify by institutional measures; I wasn't going to neglect that possibility.)</p>
<p>Oldfort, our family was NOT eligible for need based financial aid. By filling out the FAFSA, however, both kids received unsubsidized Stafford Loans through the schools. And both undergrad schools my kids attended required the FAFSA and Profile for ALL financial aid (including merit aid), and neither school awarded institutional aid after freshman year to students who didn't apply freshman year. </p>
<p>I don't know what the policies were for significant financial changes if a student didn't apply freshman year. We weren't willing to take that risk.</p>
<p>And I agree with you...there isn't much of an "edge" to NOT applying for need based aid.</p>