With the high cost of college today, it is critical for every family to file Financial Aid Forms on time, accurately. Even families who will not qualify for need-based aid should file the FASFA and, when required, the CSS Profile.
Filing these forms could take a family more time then they are willing to give. We have perfected the process, and can have the FAFSA, and CSS Profile ready to file in approximately 60 minutes. Plus, we assist in the filing of institutional forms. Accurate and on time filing is valuable to anyone, and you’ll want that peace of mind even in a non-qualifying for need-based aid scenario.
The reasons to file vary for every family. They may include:
- For financial aid – Colleges will want to ensure that the family is NOT eligible for federal and state need-based aid before dipping into their merit funds. Additionally, some colleges will not allow students to change their status from “no-need” financial aid, to submit the FAFSA even though there have been changes in family circumstances or income.
- For admissions – Experience shows us that if you are a family of means, submitting the financial aid forms will improve your chances of admissions. In some cases, it is estimated that admissions rates are 20% higher for students who have submitted financial aid forms than those who have not. We have discussed this experience with other planners outside of our organization who confirm they have experienced it as well.
- For accountability – Accountability can be built into the college planning process for parents who use the student loans. Parents can make a deal with their student that when they graduate on time with A’s & B’s their loans will be paid off. Families can’t use the student loans unless financial aid forms are filed.
- For Enrollment Management – Enrollment Management research shows that colleges will want to make sure they don’t lose the prospective student. They’ll provide a discount in the form of a merit scholarship to entice you to attend their schools rather than a competitor’s school. They’d much rather have that seat go at a discounted rate than have it go empty.
- For Graduation – It’s important for the college to know that you’ll be able to get your student to the finish line. If a college doubts a family can fund their student up until graduation, they may not admit the student at all.