<p>probably a dumb question but forgive me, i'm a stressed out soon to be high school senior.</p>
<p>ok. if my family income is in the 400k range, then i probably dont apply for need-based financial aid, right?</p>
<p>No, 400K means you are in the top 1% of all earnings.</p>
<p>Even the colleges that are generous with need will salivate when they see your income and most likely your family's other savings/assets.</p>
<p>right, your family does not need financial aid</p>
<p>kfive, if you don't want ANY financial aid at all, you don't need to complete any financial aid forms at all. However, if you are applying for merit aid, SOME colleges do require that all financial aid applications be completed anyway. My son, for example, went to undergrad school where ALL prospective financial aid recipients (both merit and need based) were required to complete both the FAFSA and Profile for consideration. The only exceptions were some very competitive merit scholarships where separate applications were completed. SO...check your school if you are even hoping for some merit aid. </p>
<p>Agreed with others...you are unlikely to qualify for need based aid.</p>
<p>If you want to take out a student loan, though, you WILL have to file a FAFSA. An unsubsidized Stafford can be awarded to replace your expected family contribution, so you would be able to borrow up to $5500 unsubsidized (interest accumulates when loan is disbursed) freshman year.</p>
<p>Even wealthy parents sometimes want their kids to have some "skin in the game," as the saying goes ... so if your parents do want you to help pay for college, that option is there for you.</p>
<p>Whoa there. As Kelsmom points out, there are families in upper income ranges that want their kids to take out a Stafford loan. Also there are merit awards that require FAFSA. So it may behoove your family to complete FAFSA even though you know that you are not going to get any financial aid grants.</p>
<p>$400K a year won't get a student NEED based aid. But as the other posters pointed out, Stafford Unsubsidized loans are still possible. Every student is allowed to take out Stafford. Subsidized Staffords are for the needy families, Unsub Staffords are for those with higher income levels. </p>
<p>Parent PLUS loans, too. Parents can take out up to the full cost of the COA at a college, excluding scholarships, grants and student loans. Even with a high EFC, PLUS is a good method for parents to pay for college.</p>