Reply to Heard it’s easier to get in schools like W&M if you indicate you aren’t seeking FA

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Reply to "Heard it’s easier to get in schools like W&M if you indicate you aren’t seeking FA - still do FAFSA?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Is it safe to assume that $250k+ HHI and a 6 figure 529 does not need to fill out fafsa?[/quote]

it’s not “need to” but should because everyone who fills out a FAFSA is then entitled to the $5500 ( the amount increases sophomore, junior, senior years) annual loans. Your child has to sign the paperwork. I still remember when my DD said “Wait! I’m responsible for this?”  Gives them teeth on the game. Both of our children graduated with about $25 to $28k in federal student loans, which you, as parents can pay off in the future. It gives your student skin in the game to know they are on the hook for something. We are doing the same at he graduate level (called Plus loans). Also both of our kids’ colleges would not talk to us about merit aid until we filled out the FAFSA. We just asked our CPA to do it.[/quote]

Can you expand on this?  Your kids have approx $28k in federal student loans that are subsidized (interest free until graduation?).  And now they are slowly paying it off?  That’s a great lesson… thanks. [/quote]

yes, You file the FAFSA and the loan becomes available even if you don't qualify for financial aid.  DD is paying hers off but got a reprieve due to covid (feds said no pay due to covid).  Second child has his loans put off due to grad school.  Both owe about $25K to $28K at a low interest rate.  Keeps them on their toes and learn about financial responsibility. And should you as a parent decide to pay them off for them (or another relative offers), that can be done easily.[/quote]

Do you also check on the common app that you need financial aid?[/quote]

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