Need-Based Financial Aid Confusion

[M&MsMom]

So I'm just trying to get this straight...Even though I don't think I qualify for need-based financial aid, we are filling out the FAFSA, because that seems to be the conventional wisdom.  So here's my question...on the applications, the colleges ask if I am applying for need-based aid.  Is the answer "Yes"  because we filled out the FAFSA?  (even though I'm pretty sure we won't qualify?)

 

Thanks for your help!

[regentrude]

Answer "yes" unless you are independently wealthy. The college may give need based aid, even if you would not qualify for federal aid.

[M&MsMom]

Okay, thanks for the input!  It bothers me that if you put yes to that question, sometimes they waive the application fee.  Makes me feel guilty.   :crying:

[justasque]

So I'm just trying to get this straight...Even though I don't think I qualify for need-based financial aid, we are filling out the FAFSA, because that seems to be the conventional wisdom.  So here's my question...on the applications, the colleges ask if I am applying for need-based aid.  Is the answer "Yes"  because we filled out the FAFSA?  (even though I'm pretty sure we won't qualify?)

 

Thanks for your help!

 

I would add that many schools require the FAFSA if you want any kind of aid, including merit aid, even if you won't qualify for any FAFSA-based aid.  That makes sense, even though it is a pain, because that way the school can be sure that every student is getting as much FAFSA-based aid as they are qualified for (because sometimes a family's assumption of no FAFSA aid turns out to be wrong), and because that way they have every family's financial info so they can dole out merit aid or school-funded need-based aid to the students who need it most.  That is, if daddy1 is a multi-millionaire (but applies for aid regardless), vs. daddy2 is making $100K, neither is likely to qualify for FAFSA-based aid, but daddy2's kid is more likely to need a bit of school-funded money to be able to attend than daddy1's kid, and it benefits the school if both kids are financially able to attend. 

[regentrude]

Okay, thanks for the input!  It bothers me that if you put yes to that question, sometimes they waive the application fee.  Makes me feel guilty.   :crying:

 

none of the 15 schools my kids applied to waived the application fee just for checking that we planned to apply for need based aid.

[M&MsMom]

From the UChicago's website:

 

The University of Chicago does not charge an application fee for students applying for need-based financial aid. For students not applying for need-based financial aid, our application fee is $75 and can be submitted through the Coalition or Common Application.

 

That's why I was wondering if this sort of thing was commonplace.  :-)

[FaithManor]

And even unsubsidized Stafford loans are considered "aid". So if you think your student will be taking out the $5500.00 freshman loan, you have to fill out FASFA to qualify even though you aren't eligible for anything else.

[regentrude]

From the UChicago's website:

 

The University of Chicago does not charge an application fee for students applying for need-based financial aid. For students not applying for need-based financial aid, our application fee is $75 and can be submitted through the Coalition or Common Application.

 

That's why I was wondering if this sort of thing was commonplace.  :-)

 

must be new, I'm pretty sure we paid the app fee.

 

I agree, if you do not need financial aid and are really rich and able to pay their sticker price of $68,000/year out of pocket, you should not ask that the app fee be waived. But then, those $75 can easily come out of the 68k :)

Edited October 18, 2017 by regentrude

[wapiti]

If any of the schools on the list are *not* need-blind, why not first run the Net Price Calculator to see about the likelihood of financial aid?  I thought the NPC should be much more accurate than the FAFSA.