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ALWAYS Apply for Financial Aid, Regardless of Your Family’s
Income and Assets.
Sometimes college-bound students decide not to apply for financial
aid for one of two reasons:
1. They think their family income and financial assets are too
great to qualify for financial aid.
2. They will have a better chance to get accepted for admission
if they wait to apply for financial aid as a sophomore.
Not applying for financial aid as an incoming freshman may be a big
mistake . The reason? Colleges create their financial aid
budget for upper-class years based on expectations and demonstrated
need of each entering class of freshmen. If you don’t apply
for financial aid as an incoming freshman, you’re telling colleges
and universities that you don’t need money. So, even if
you have a compelling financial need as a sophomore, junior, or senior,
the college will not have budgeted for an increase in your financial
aid awards so you will receive very little to no money from campus-based
scholarships and grants during your last three years of college.
Furthermore, even if your family’s income and financial assets
are too great to be eligible for need-based scholarships and grants,
applying for financial aid (submitting your FAFSA) will allow you to
be eligible to participate in Federal
student loan programs.
Therefore, apply for financial aid regardless of your family’s
financial situation to make sure you get into the financial aid system. Do
whatever you can to maximize
your freshman financial aid awards
(called the “freshman-baseline”) because the freshman-baseline
is the foundation upon which your financial aid is built for your upper-class
years. If your freshman awards are minimal to nothing, so too
will be the awards you receive as a sophomore, junior, and senior. |
