5 Reasons High-Income Families Should Apply for Financial Aid

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Many high income families hesitate to complete and file the Free Application for Federal Student Aid (FAFSA), while other flat-out refuse to do so.

Why don’t they file?

They know that their Expected Family Contribution (EFC) will be higher than the cost-of-attendance at any school of interest and, therefore, see no reason to share their family’s financial information with the schools.

This mindset can prove detrimental and should be reconsidered.

Here are 5 reasons why high income families should file the FAFSA…

  1. To demonstrate the ability to pay without assistance.

This can help with admissions. While schools claim to admit students on a need-blind basis, that’s simply not true.

  1. To qualify for merit-based aid.

Many schools will not consider students for merit-based aid unless a FAFSA has been filed.

  1. To give kids “skin in the game” via federal loans.

Filing a FAFSA is required should a student or family wish to obtain low-interest federal loans.

  1. The family might just qualify, especially with more than one child in college.

Wealthy families may qualify for aid at more expensive schools, as factoring in a second child cuts parent income in half.

  1. Because the family’s financial situation may change.

A big job loss or unexpected medical bills may strain family finances. Priority may be given to students with the FAFSA (or other financial aid forms) on file.

Contact our Professional College Planners for more information and/or to schedule a meeting to discuss your family’s college planning campaign.

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