Do you have to fill out FAFSA?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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ScottRiqui
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Do you have to fill out FAFSA?

Postby ScottRiqui » Sat Dec 14, 2013 2:15 pm

Do you still need to fill out the FAFSA paperwork if you're not planning on applying for federal student loans? I know that FAFSA stands for "Free APPLICATION for Federal Student Aid", but some schools seem to want it filled out, no matter what, so I don't know if they use the information for anything else.

Also, when filling out the FAFSA forms, is there any way of letting them know that this year's income isn't going to look anything like last year's (for example, if you're quitting a job to go back to school)?

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rinkrat19
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Re: Do you have to fill out FAFSA?

Postby rinkrat19 » Sat Dec 14, 2013 4:47 pm

You have to fill out FAFSA if a school says you have to fill out FAFSA. Some require it from everyone, some require it if you want to be considered for scholarships. Same for NeedAccess, which is like FAFSA except 1000x more pain in the ass and not free (and only required by some schools). Read the school's directions and follow them.

No, there is no way for FAFSA to account for quitting a job to attend school. Sucks, but it also doesn't really make much difference. There's hardly any need-based aid for law school anyway, so you're probably just gonna get loans even the next year when you don't have any job income. (Incidentally, NeedAccess does ask you to estimate the following year's income.)

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ScottRiqui
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Re: Do you have to fill out FAFSA?

Postby ScottRiqui » Sat Dec 14, 2013 5:28 pm

Thanks, Rink. I'm assuming that even though FAFSA *is* the loan application, filling it out doesn't obligate you to take out any loans, pay any origination fees, etc?

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rinkrat19
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Re: Do you have to fill out FAFSA?

Postby rinkrat19 » Sat Dec 14, 2013 5:31 pm

ScottRiqui wrote:Thanks, Rink. I'm assuming that even though FAFSA *is* the loan application, filling it out doesn't obligate you to take out any loans, pay any origination fees, etc?

Nope. You'll get an email with your "Expected Family Contribution," which you can ignore. Then depending on what other steps a school requires, they may offer you a loan package. Which you don't have to take. You can actually go all the way through the loan process until the school is asking you to request the money to get put into your account and you can just not take it (all of it or some of it).

arklaw13
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Re: Do you have to fill out FAFSA?

Postby arklaw13 » Sun Dec 15, 2013 1:34 pm

ScottRiqui wrote:Thanks, Rink. I'm assuming that even though FAFSA *is* the loan application, filling it out doesn't obligate you to take out any loans, pay any origination fees, etc?


Depending on the school, they may automatically request the loan for you, but all you do is not fill out the MSP and go into the school's financial aid portal and reject the loans. I think all I had to do is send financial aid an email requesting that the loans be reduced to $0.




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