This seems to be the question du jour. Many dual-income families ask me if they should still apply for financial aid even if they might not qualify. My answer is: Yes! Why not try?
Early Decision/Binding Application Applicants
If you’re applying for financial aid, my advice is don’t apply to colleges in the financially-binding application round of Early Decision (ED). Early Action (EA), Single-Choice Early Action or Restrictive Early Action (REA), where if a student gets accepted by a school, they’re not financially committed to attending, are the preferred early application strategies. Regular Decision (RD) can be the best option for a family, as it allows students to “shop around,” comparing the financial aid packages on offer and using one as leverage to get additional funding from other schools. While not a bidding war, I have seen students successfully wage a back-and-forth between colleges to secure the best financial terms from a school they want to attend.
Merit Aid/Scholarships/Work Study/Loans
While students can’t apply for Merit Aid, many receive nice sums from schools that might not be the students’ first choice. This is the carrot some colleges use to lure competitive students to their campus. A BIG part of my job is educating families that schools once thought of as “back-ups” or “party schools” are now sought-after institutions, some offering big chunks of Merit Aid monies. Most students pay for college with a combination of one or more of the following money-streams: Merit Aid awarded unsolicited by the college; bespoke scholarships that the college itself offers for music, sports, academics or the arts; awards/scholarships provided usually through an application process by local civic organizations or houses of worship; work-study funding sponsored by the college; and federal loans based on FAFSA form completion.
Independent Students
According to FAFSA, an independent student is one who’s ONE of the following: age 24, married, a veteran, an orphan, has dependents, among other criteria. While most of my clients don’t fall into this category, some do, particularly my Transfer Applicants. These students, because they’re not attached to their family’s household financial bracket and earning power, are offered substantial if not full rides.
Sophomore, Junior and/or Senior Year
Even if you didn’t apply for financial aid as a freshman, you’re eligible to submit a FAFSA form every year of college. I recommend students talk to the financial aid office representatives on their campus to determine their school’s guidelines and projected allocations of monies. Establishing a relationship with on-campus financial aid experts early on can open lines of communication regarding upcoming work-study options or deadlines for scholarships, including the FAFSA. I had a student receive little aid their freshman year and then after a family misfortune, their financial profile changed, qualifying them for substantial assistance.
Are schools need blind? I say most have one eye open and one blind! Unless you’re in the room when Admissions Committees are making their decisions, you won’t know the rationale for acceptances, denials or deferrals. If a family can financially pay for college, their student may see an increase in acceptances at specific schools in the ED round, making that a good option for that student at that college. Not filing a FAFSA form doesn’t guarantee an ED acceptance; however, checking the financial aid box at some schools may thwart an ED acceptance. I advise students to keep their eyes on their own unique roads and not worry about the destination. Under my guidance, every school on their college list will be a good fit for them.
APR