5 reasons wealthy families should fill out the FAFSA

All students should be encouraged to fill out the FAFSA. Many families that earn substantial incomes don’t bother filling out the FAFSA because they think there is no chance at getting any financial aid. The Wall Street Journal recently published an article with 5 reasons wealthy families should complete the FAFSA. Here is a link to the article (note subscription required) – Why Wealthy Families Should Apply for Financial Aid

Here is a quick summary of the 5 reasons:

1. Colleges want students that can pay their own tuition, so filling out a FAFSA can alert admissions officials to who those students are.

2. Many colleges require students to fill out the FAFSA to be eligible for merit-based aid.

3. Some parents want their children to have “skin in the game” by taking out loans even if the parents are capable of paying the full cost of attendance on their own.

4. Families might be wrong about whether they qualify or not.

5. Financial circumstances can change, so you might end up needing aid even though you don’t expect to right now.