<p>Mountains,
We were in your position for our last one. For EA, DD applied and checked would not need aid. We weren't going to qualify anyway so it might be an asset for an admission decision.
After applying (and getting acceptances), we did complete FAFSA and Profile and sent info to DD's schools. We were right, no school offered need aid.
Our family decision is in line with Chedva's. We require our kids to 'invest' in their education by taking the unsubsidized Stafford loans.</p>
<p>I was told by one admissions officer that they make a list of the kids in the order they want to accept them. Then, they go down the list until they run out of aid money. After that they only accept those who don't need aid. So, if you are on the border it will help if you don't need aid. This is just one school, though.</p>
<p>RE: Parents' profession -- DS indicated DH was a "faceless bureaucrat" on one of his apps (thought he'd changed it from the draft...). Wonder how THAT would work for FA! :)</p>
<p>"Believe those truely rich schools like HYP they have enough FA fund to cover all the applicants. They can afford truely 'need-blind' admission process."</p>
<p>They set budgets just like everyone else. And the evidence is that, when they are not given institutional directives to change policies, each class looks virtually exactly the same in terms of their need/non-need profiles.</p>
<p>To piggy back on mini's post. I would suggest that if the school your child is interested in attending has a common data set (put out by the office of institutional research). </p>
<p>Read Section H- Financial Aid and I think that you will see the information being pretty consistent year over year with the # of students who apply for aid, the # of students who were deemed to have a financial need and the # of students awarded need based aid.</p>
<p>Even with budgets, I believe HYP's budgets are bigger than the others. </p>
<p>And wouldn't you think the relative stady profiles because of they have a relative large applicants pool? With <10% acceptance rate, you have 90% of applicants pool to play with, to balance things out.</p>
<p>As I was playing with the forms, it became clear that we will not qualify for fin aid. I called/e-mailed the schools that DD sent her applications to, and here is a reply from College X (need-blind): "In regard to financial aid, College X will not run out of aid funding, so there will be funds available down the line if you do become eligible for need-based aid. If your situation changes, you can apply for aid at any point (even during the school year). I recommend waiting to apply until that time."
I decided to wait (at least for that school).</p>
<p>I'm wondering do I need to file a FAFSA/CSS in Jan? I don't really want to, I will do if I have to. But I was just wondering how does a parent establish a financial aid baseline so that one can state that one's financial situation has been changed.</p>
<p>One of parent lost job?</p>
<p>Tax return(last few years), most recent pay stub to show increase/decrease income, termination letter, death certificate...</p>
<p>^Thank you. It will definitely save me time.</p>
<p>"And wouldn't you think the relative stady profiles because of they have a relative large applicants pool? With <10% acceptance rate, you have 90% of applicants pool to play with, to balance things out."</p>
<p>Exactly correct (and not "relatively" steady - closer to "absolutely" steady, except when they choose to change them.) They can ensure that, should they choose, 50% (or more) of the matriculating students will pay full-freight; and 10% (and not more) of the students will be Pell Grant (low-income) recipients. They have it down to a pretty exact science (and when they want to change, they have no difficulty doing so.,) Give them credit for being the professionals they are, for helping their institutions fulfill their institutional missions, and for using their budgets wisely.</p>
<p>"Even with budgets, I believe HYP's budgets are bigger than the others."</p>
<p>Two years ago (the latest for which there was full data available through the Common Data Sets), only Princeton broke the top ten for need-based aid per student attending (at number 9).</p>
<p>Thanks for everyone's replies. I tried to call some schools last Friday, but the finaid offices are all closed for the holidays. I'll give them a call late next week, and see what their respective policies are in terms "what happens if you don't apply finaid in the first year" etc. I'll post the responses.</p>
<p>Finaid, and all its implications, deserves a book totally separate from college admissions books available!</p>
<p>To receive any type of federal loan, grant, work study balance, or aid (or scholarship), don't parents have to fill out a FAFSA? I go to NYU and was told without one, I was not eligible for any type of financial aid, including scholarships.</p>
<p>You need to fill out a FAFSA if you are qualified for need based aid. But for most merit scholarships, it is not necessary. What most parents are discussing here is if it's beneficial to fill out a FAFSA and apply for aid even if you do not currently qualify.</p>
<p>
[quote]
To receive any type of federal loan, grant, work study balance, or aid (or scholarship), don't parents have to fill out a FAFSA?
[/quote]
</p>
<p>Even if you are not eligible for need based aid at NYU, by filing the FAFSA, you would still be eligible for an unsubsidized stafford loan (3500 freshman year, 4500 sophomore year, 5500 junior year and each year until you complete your first bachelors degree).</p>
<p>oldfort, I don't understand why you keep stating that only people that are eligible for need based aid should be filling out the FAFSA when several posters have first hand knowledge that their kids schools required it for merit and need based aid. My kids were not eligible for need based aid but both had to fill out the FAFSA or Profile for merit aid. Since most people don't know where their kids are going to go until May 1, why not just take the time to do the paperwork?</p>
<p>I suspect most parents following this thread in a similar situation are as confused as I am. </p>
<p>Let's assume that after I talk to the colleges next week, these particular colleges reassure me that my S can apply for finaid if circumstances change dramatically in subsequent years, and that it is not a good idea to apply for finaid if you do not need it this year (similar to the what the college said to BunsenBurner - see post no. 67). How does one tell a college that you no longer want to pursue your finaid application? Do you send an email/letter to both the admissions and finaid offices? That is, address the letter to finaid office and copy the admissions committee? Who signs the letter - parent or child? Our S has gotten some finaid documentation requirements reminders from some schools and they were all addressed to him. I guess I'll ask the respective colleges. As with a lot of other things, each college seems to have their own way of dealing with certain situations.</p>
<p>Based on discussions above that "no finaid" may provide an edge, however slight, I would like to make sure the admissions committee is aware of the change - if we choose to go this way. I told you I am confused. :(</p>
<p>
[quote]
How does one tell a college that you no longer want to pursue your finaid application? Do you send an email/letter to both the admissions and finaid offices? That is, address the letter to finaid office and copy the admissions committee? Who signs the letter - parent or child? Our S has gotten some finaid documentation requirements reminders from some schools and they were all addressed to him. I guess I'll ask the respective colleges. As with a lot of other things, each college seems to have their own way of dealing with certain situations.
[/quote]
We have the similar situation here. Please let us know whats the answer. </p>
<p>We just got init FA notification from one of the EA that we are not qualified, as expected. I forgot if this one is the one with merit based scholarship but you need to apply FA(I definitely remember one of college my kid apply with this requirement if you want to be consider as merit scholarship). Now my H dose not want to bother with FASA, tax return form, etc. We decide to withdraw FA request from one of college he really interested in, by writing letter, since he need to send additional info to this EA deffered college anyway.</p>
<p>I think what oldfort meant is, if your EFC is waaaaaaaaaaaay above the cost of college, then don't apply FA, since most need-aware or need-half-blind college when they running out of fund they are going to take the boardline kids who dose not need FA. But if your kid is among the top candidates for this college then apply or not weren't hurt much.</p>
<p>It is hard to keep track for all these sutle difference for each college your kid apply for these days, with sheer number of colleges they applying.</p>
<p>kathiep -- I think it certainly pays to know how the schools on your particular list do it, but at all my daughter's schools, merit aid had absolutely nothing to do with FAFSA.</p>