<p>DS is deciding between 2 schools. One with merit aid will cost around $14,000 a year. The other will cost at least $34,000 but we are hoping that more merit aid will be offered. DH made $200,000 in 2010 and expects to make the same or more in 2011. We have 5 children but DS will be 1st in college. Should we bother filling out the FAFSA? Will it hurt the amount of merit aid offered if we fill out the FAFSA and they see how much we make?</p>
<p>It will not hurt you to fill out FAFSA. </p>
<p>Merit awards generally don’t care how much you earn (unless maybe you’re Bill Gates…lol). </p>
<p>If you’re really concerned, then submit FAFSA later. Since you’d only get a loan anyway, you could submit FAFSA after your son is admitted and scholarship awards are given.</p>
<p>However, some schools require FAFSA submission for merit consideration. If your child’s schools do not require that, then no hurry to submit FAFSA.</p>
<p>What is the other school? From the cost, it sounds like an OOS public. If so, then submitting FAFSA later in the spring is probably totally ok.</p>
<p>If money is a concern, by submitting FAFSA, your son can take out a $5500 loan that he will later be responsible for.</p>