Please help educate me on Unsubsidized Stafford Loans?

[thumper1]

1. Since we are not expecting or will be asking for any other financial aid, do we still need to fillout the FAFSA and/or CSS? If so, when do we need to have it complete, October? Someone said the sooner the better or you might lose the ability to get the loan?;

Yes you will need to complete a FAFSA in order for your kid to get the federally funded loan. You can complete it any time you choose during the academic year. The early filer thing is for limited funding aid types like federal work study and SEOG.

2. For colleges that are NOT need-blind, does it hurt us for filling out the financial aid paperwork (FAFSA/CSS) thinking we might be looking for need-based aid (i.e. any advantage of being a full pay family is lost)?

Need aware schools consider your ability to pay at some point during the admissions process. If your financial aid forms show you as full pay, this isn’t going to affect admissions because the school doesn’t need to give you aid.

3. Can you submit FAFSA/CSS for some colleges (the more expensive private ones) but not to the cheaper public colleges where we don’t need the Stafford?

You can submit the FAFSA to any schools you want to…and you can easily add schools later if you so choose.

3. Do some colleges not consider you for merit-scholarships if you don’t complete the FAFSA/CSS?

This is college dependent. You will need to check each college for their policy. My kids both went to colleges which, at the time, required these forms to be completed even for merit awards. But anyway…you need to check each college.

Your kid will be eligible for a $5500 Direct Loan if you complete the FAFSA. You do not have to complete the Profile to get this federally funded loan.