Wall Street Journal: “Why Wealthy Families Should Apply for Financial Aid”
Great piece from the Journal last week about why category 3 families should always apply for financial aid.
They list 5 reasons (all of which we agree with)…
#1. To demonstrate your ability to pay without any help.
This can help with admissions. Schools claim to accept student on a need-blind basis, but that’s simply not true.
#2. To qualify for merit aid
This is a biggie. Many schools won’t consider students for merit aid unless a FAFSA is filed.
#3. To give kids “skin in the game” via federal loans
Filing a FAFSA is necessary for students to obtain low-interest federal student loans.
#4. Because you just might qualify, particularly with multiple children
Wealthy families may qualify for aid at higher-cost colleges, especially if they have multiple children in college at the same time. Adding a second child nearly cuts the parent income in half.
#5. Because your situation might change
A job loss or big medical bills could strain a families finances unexpectedly. Having the FAFSA or Profile on file may give priority
to students who already have their FAFSA on file.
You can download the article here: Why_Wealthy_Families_Should_Apply_for_College_Financial_Aid_-_WSJ