Common App asks, "intend to apply for need-based financial aid?" Pros/cons of yes/no

[ssbmem]

What are the pros and cons for answering yes or no to this question? What should I consider?

 

This will be our first child going to college and our income is not low. I am guessing we probably won't get much, if any, of need-based aid.

[Chris in VA]

I can't think of any cons or pros re: your question. It is what it is, and has no bearing on your acceptance.

 

Ime, colleges do not pass you over if you need financial aid. Is that what you are afraid might happen?

[ssbmem]

I had heard that many colleges are need-blind and was surprised to see that question on the application.

[In The Great White North]

Ime, colleges do not pass you over if you need financial aid. Is that what you are afraid might happen?

 

That was precisely the rumor going around last year, that your chances of acceptance were higher if you were not applying for financial aid (Sorry, don't remember where I heard/read it, hence "rumor.") I don't know if it is true or not.

[Kareni]

That was precisely the rumor going around last year, that your chances of acceptance were higher if you were not applying for financial aid (Sorry, don't remember where I heard/read it, hence "rumor.") I don't know if it is true or not.

 

Well, here's a case in point. From the New York Times on June 9, 2009:

 

"The admissions team at Reed College, known for its free-spirited students, learned in March that the prospective freshman class it had so carefully composed after weeks of reviewing essays, scores and recommendations was unworkable.

 

Money was the problem. Too many of the students needed financial aid, and the college did not have enough. So the director of financial aid gave the team another task: drop more than 100 needy students before sending out acceptances, and substitute those who could pay full freight."

 

You can read the whole article here.

 

Regards,

Kareni

[Chris in VA]

Wow. I had no idea.

Do the "bigger name" colleges do that, too? Do state colleges?

Just...wow.

[Kathy in Richmond]

Here's another article from the March 30, 2009 NY Times along the same lines.

 

~Kathy

[Alyce]

She goes to a UNC system school and has all most all need based grants. She did have to take out a $5000 subsidized loan with the federal goverment so her school is actually all covered. She would have gotten more need based grants but she waited to long to put in part of her application. Freshman year she had a $2500 subsidized loan, last year she had no loans and got a free ride. I do know that there are not as many need based grants available as their once was but on the other hand the limit for the pell grant has gone up so more people will be eligible for all of it or at least part of it. Dd qualified for 90% of it.

[TravelingChris]

Here is what I would do if I were you- go to as many college aid calcultors and try them. See what happens. If the different formulations come up as more than the college costs, I would not say yes. That is because of the realities of which Kareni mentions. If your income is above around 80,000 and you don't have more than 1 child in college and don't have a large family, you probably won't be eligble for federal need based aid but that depends on the school. Harvard, for example, only charges 10% of income for those with incomes under 150, 000. We don't bother filing for need based aid. My son currently attends a college that costs around 12K a year, living at home, and that is much less than our EFC so no need to do this. My next one will be getting the gi bill money so no need for that one too. My third will be only filinf maybe one year when we have two in college. Otherwise, our income will be too high.

 

Just make sure you can really pay the full price of school. Many colleges are so expensive nowadays that most people can't pay the full price and the colleges are increasing being made up of those who get financial aid, a few who get merit aid, and those whose parents have enough wealth to pay full load. i

[Kareni]

I can think of two reasons why filling out the FAFSA and applying for financial aid could be wise.

 

One: Some merit scholarships still require that the FAFSA has been completed.

 

Two: Some colleges will only give financial aid in subsequent years if it has been given in your student's first year. (My daughter's college is a case in point.) This means that if there is a change of circumstance (lay off, serious illness or death in the family) the student may not be able to apply for financial aid.

 

Regards,

Kareni

[TravelingChris]

Kareni, I have a question. So if a student isn't eligible for financial aid the first year at your daughter's college, even if circu stances change like death of the working parent? Wow.

[Kareni]

Kareni, I have a question. So if a student isn't eligible for financial aid the first year at your daughter's college, even if circumstances change like death of the working parent? Wow.

 

That's my understanding. Pretty extreme, I think.

 

Regards,

Kareni