Based on running cost estimators it is clear that we would not qualify for any financial aid even at an IVY school.
Is there any point in filling out the FAFSA forms for us then?
It depends on the school. For instance, some require the FAFSA/CSS Profile for merit awards, which you can receive even if you don’t qualify for need-based aid.
Mostly, I’ve seen posters on CC suggest filling out FAFSA in case something goes awry with your family’s financial situation later on down the road.
You can always fill out the FAFSA in future years, or even after being accepted for the current FAFSA year.
If you want student loans, you have to fill out FAFSA. That’s the benefit.
If your target schools don't require it for scholarships or merit aid, then you just don't have to. Just read the fine print in the reqs for any scholarships.
Also if you may qualify for work study and your student may wish to have one of the many campus work study jobs, you may wish to apply for fafsa.
(Disclaimer: our kids only applied to Us that did not require fafsa for merit awards. We did not complete nor submit any fafsa. S got merit awards and we paid 100% for D.)
Some institutions will not give you aid in future years, no matter how severe your family’s financial reversal, if you don’t apply for it your first year. Check the specific policy at each of the places on your list.
Most financial advisers will tell you to fill it out anyway. It can only help you.
@HImom I know you said “may”. But how would this student qualify for work study? Work Study is a need based financial aid award. Even work study that some colleges pay for themselves is a need based financial aid award.
This OP says that according to the net price calculators, they have NO financial need even at places like the generous Ivies.
Without financial need, this student will not qualify for work study.
BUT there usually are on campus jobs for students that are not funded with work study money. These do not require completion of the FAFSA.
@happymomof1 - how does one determine which schools require it to be filed in the first year?
Honestly folks, completing the FAFSA is not rocket science. In the time you spend dithering about it, most of you could have it done.
All I know is one relative whom I consider very high income and net worth did complete the fafsa and to their and our surprise, their D was entitled to work study.
At our kids’ campus and back in the day at the campus I attended, many of the best campus jobs were for work study kids only. Our D for hired for a campus job in her field, but ultimately had to give it up because she wasn’t work study.