<p>we don't qualify for any need based financial aid? we're applying to public colleges in CA. I think someone told me we should fill out the forms in case my D want to do some work study program. Thank in advance for the feedback.</p>
<p>You should do them so the information is on record in the event of some marked change in your circumstances. Say, for example, a job is unexpectedly lost, the school can't work with you if the documentation hasn't been filed timely.</p>
<p>thanks zoosermom, it's a good prevention tactic.</p>
<p>Also if she is wanting to be eligible for any federal student loans such as the Stafford loan you must file FAFSA. Although the unsubsidized Stafford loan is available to all students regardless of need, a FAFSA is required.</p>
<p>Just to play devil's advocate, there is a lot of personal information that is asked for on these forms and make sure you are comfortable with providing that information if it is not absolutely necessary or mandatory.
We will not qualify for any need based aid, and I am asking each private school my D is applying to if I have to complete either the FASA or CSS profile for merit based scholarships. The only circumstance where we have to do FAFSA is for the state lottery scholarship for any instate schools-this is a merit scholarship too! I am not happy about it, but it would be hard to give up a guaranteed $5000 per year by not completing it.</p>
<p>The OP mentions work study. It is my understanding that most schools reserve work study programs for students who need aid. It is a component of need based aid. We don't qualify for need based aid and my student is not eligible to take a work study position at his school.</p>
<p>We are not filling out the form. Since we're not asking for aid, I don't think our financial information is any of the colleges' business.</p>
<p>I have seen this same thread numerous times and it seems that the advice is always the same: fill out the forms anyway, just in case. Before freshman year, I spent a lot of time working on the FAFSA and CSS. I haven't done it since and I have never heard of anyone who has found a use for these forms when the family did not qualify for financial aid. What type of "lottery" "merit scholarship" requires a FAFSA?</p>
<p>You need to check the school(s)'s policies for a number of things.</p>
<ol>
<li><p>Some schools will not award you financial aid (institutional) in subsequent years if you don't apply as a freshman. So...that would mean that you couldn't apply as a soph even IF you qualified and wanted it. Check the school.</p></li>
<li><p>Some schools REQUIRE the submission of the financial aid forms for consideration of ALL scholarships, not just need based aid. DS's and DD's colleges REQUIRED the completion of the Profile AND FAFSA for merit aid as well as need based aid for incoming freshman. Again...check your school(s)'s policies.</p></li>
<li><p>Third...you hope your family won't be the one to deal with an unanticipated financial hardship (loss of income, illness, etc). BUT if you want the school to REconsider your financial aid during the school year if something happens...these forms will have to be on file. Better to do them now...and then be able to send a letter detailing your change in financial circumstances than having to start at the bottom in the event you need help later on.</p></li>
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<p>I agree that if you're not close to qualifying, don't bother. My sister got zero from UC's making $100K/yr, even after the second started! I think it's a myth that you can't get aid from schools that offer it if circumstances change. The few schools that practice that policy are open about it and the CA state schools are not among them.</p>
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<blockquote> <p>I think it's a myth that you can't get aid from schools that offer it if circumstances change.>></p> </blockquote>
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<p>Oh I think you CAN get aid from the schools if your circumstances change...but you WILL have to do those forms. It is a lot easier to document the CHANGE in your situation than to do those Profile and FAFSA forms from scratch. If your family has a financial crisis, the last thing you'll want to do is complete your fafsa and Profile.</p>
<p>We got $100,000 in federal guaranteed loans now at 3% and slated to fall again in another year for ontime payments. DS also got a merit scholarship of 1/6th of tuition.
We also didn't need the funds but we thought that FAFSA was worth the time, to get loans that were below what we were getting on interest on our investments. The cost of the loans was less than the EE's, interest, and dividends of investments. </p>
<p>FAFSA asks no more than what you would give for a mortgage or HELOC/second. It just asks it in a way that makes more honest. :) and gives penalties for knowingly making falsehoods, something that our mortgage lenders did not do :{</p>
<p>I would guess that the next administration would want to encourage kids to go to school rather than being unemployed and no skills. Look for a change in student loan regulations primarily to encourage Banks to lend money and get the economy going again.</p>
<p>There is no way I would fill out a financial aid application unless it is absolutely necessary. I would also not check "Financial Aid" on the application unless you qualify. I believe it would have effect on your application, especially in this economic environment.</p>
<p>The Tennessee Hope Lottery Scholarship and GAMS (General Assembly Merit Scholarship) require submission of the FAFSA for all TN residents who wish to obtain it to attend any public or private schools in TN. If you meet the minimum GPA and SAT or ACT criteria, you have to list a TN school as your number one choice on the form in order to get it.
They don't care if you don't qualify for need based aid or not. Those are the rules, which are ridiculous. D is only applying to 1 school in TN which happens to be the most expensive one in TN, so $20,000 over 5 years is hard to walk away from despite the invasion of privacy.</p>
<p>For 20,000 I would, but not for $0.</p>
<p>thanks all for your helpful advice. Even if something happens (sickness, loss of a job, etc.) they still count savings/investments/or any liquid assets before they give any aid. So, I think we won't be filling out the fafsa.</p>
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I think it's a myth that you can't get aid from schools that offer it if circumstances change.
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<p>You will always be eligible for federal aid if you qualify regardless of whether or not you have applied for FA in previous years. However, I agree with Thumper that you should make sure that you fully understand the FA policies at the schools that you/your child are considering. At some schools if you do not apply in freshman year, when you apply in subsequent years, you are at the end of the line when it comes to receiving aid. At other schools, they will not consider a change in circumstance if you have not filed a FA application on time.</p>
<p>for example, Brown's polciy is as follows:</p>
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</p>
<p>*Q. Can I apply for financial aid in future years, if I do not apply for financial aid on time through the admission process my first year? *</p>
<p>A. Yes. However, you must submit an on time application for any given year prior to being considered for scholarship assistance for that year.** Therefore, if you fail to apply on time during the admission process, you will not be considered for scholarship assistance for your freshman year.** Students in this situation can apply for federal loans, federal grants and work-study by completing the Free Application for Federal Student Aid (FAFSA). </p>
<p>*Q. Will I be considered for scholarship assistance during my first-year if I failed to apply on time, but my family has experienced a sudden change in financial circumstances? *</p>
<p>A. Yes. If you experience a significant and unexpected change in circumstances after the application deadline, you may complete the financial aid application process at any point during the academic year. If the change is considered significant and unexpected, your case will be assessed based on the information you provide to our office according to the same guidelines we would use for an on time application. For example, we would consider a parent's loss of job, an involuntary decrease in parent income of 20% or more, or the death of a parent a significant and unexpected change in circumstances. We suggest that all families who believe they may have experienced a qualifying change in circumstances contact our office and speak with a counselor. </p>
<p>Neither voluntary cessation of employment like a sabbatical, failure to receive an expected raise or bonus, nor a change in the number of children in college will be considered. Also, a decrease in the value of your assets, such as stocks or mutual funds, is not considered an unexpected change. Students in such situations can apply for federal loans, federal grants and federal work-study by completing the Free Application for Federal Student Aid (FAFSA). In subsequent years, such students can be considered for scholarship assistance with an on time financial aid application. </p>
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<p>Momofteen:</p>
<p>Your assets is only partially considered for FA. For all we know you could be very wealthy. Congratulations. However, you will be still better off to file a FAFSA: </p>
<p>PLUS loans are max'd at 8.5% . Example: You place $20,000 into a utility paying 3.5% dividends. Your marginal tax rate is 22% federal. Since interest for student loans is taken from gross not AGI, your real student interest rate is [8.5 x (1-.22)] = 6.63%.
And if you take the qualified dividends from your securities of 3.5%, your final cost for PLUS loans is [6.63 -3.5] = 3.13%, which is a very cheap loan indeed and 100% collaterized by like amount of security. </p>
<p>Situation 1. You spend $20000 for COA to school. Your assets is reduced accordingly and lost forever. Your net worth is reduced. But no loan obligations. </p>
<p>Situation 2. You borrow $20,000 pay $626 in net interest, but you still have $20,000 assets. Your net worth is reduced as in #1 but your asset level is unaffected, and has the potential to increase beyond loan interest rates and loan obligations. </p>
<p>There are many books and advisors listed on the home page of CC. See your advisors.</p>
<p>It is a personal decision. For our family, we have opted not to complete a FAFSA because S received only merit aid & our family did not qualify for any need-based aid anyway (based on the calculators we used to get estimates). </p>
<p>We may consider completing the FAFSA & applying if circumstances change, but at this point, for our circumstances it doesn't feel like the hassles are outweighed by any potential gain.</p>
<p>I think it is the students responsibility to make a contribution toward education costs.
Not only looking for merit aid, but by contributing money from work and by taking out loans.
Stafford loans- require the FAFSA</p>