<p>Is the FAFSA necessary if you know you will not qualify for aid? If you make around $130,000 and have approximately $350,000 to $400,000 in the bank and no debt. This will not qualify you for anything. Are there other reasons for the FAFSA? Can students get loans at other places? We are thinking we will make her carry some of the load. I believe this would be good, so she knows she has to work hard because she will be paying for some of it. Any comments.</p>
<p>bump…</p>
<p>It’s necessary if your student wants to get a Federal Stafford Loan. All students are eligible for this. Some students qualify for subsidized ones, but yours most likely would not. But the unsubsidized is available to everyone who fills out FAFSA.</p>
<p>Also, some schools (not all) require FAFSA for merit scholarships, even if the student doesnt qualify for need-based aid.</p>
<p>And I always advise folks to fill out the finaid applications…just in case. You hope that you will not have any financial catastrophe (loss of income, significant medical expenses, or other financial issues) but this could happen to anyone. If you have the forms filled out and on file at your school…if you have a special circumstance and want your finaid situation revisited for the year, the schools will be able to do so. If you don’t have them on file, you will have to do them…the last thing you will want to do in the event of family financial trauma is fill out finaid forms. Do it now.</p>