If you’re asking yourself whether it’s worth applying for financial aid, the answer is YES—no matter your family’s financial situation.
Many believe financial aid is just for those with major need, but that’s not the whole story. Applying for aid is a smart move for anyone looking to reduce out-of-pocket college costs. Here’s why:
1. Merit Scholarships Might Require It
Even if you’re not applying for need-based aid, many colleges still ask for a financial aid form to consider you for merit-based scholarships. That’s free money you could be missing out on!
2. Student Loans Need It Too
Planning to use federal loans like the Unsubsidized Stafford or PLUS loans? You’ll need to complete a financial aid form to qualify. It’s part of the process—even if you don’t think you’ll need help.
3. Life Happens
Your financial situation could change unexpectedly. Having your forms already submitted means you’re prepared if you suddenly need support.
4. Different Schools, Different Rules
You might end up choosing a school where you do qualify for aid. Every college has its own formula for calculating eligibility, so don’t count yourself out too early.
5. Tuition Discounts Are a Thing
Here’s a fun twist: some colleges offer tuition discounts to families who can afford to pay. But they need to see your financial info first—yep, through those aid forms. So, if you want a shot at a discount, applying is key.
Bottom line? Apply. It’s not just about need, it’s about opportunity. Filling out financial aid forms opens doors to scholarships, loans, discounts, and peace of mind. And who doesn’t want that?
Securities and advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/ SIPC.
This is a hypothetical situation based on real life examples. Names and circumstances have been changed. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investments or strategies may be appropriate for you, consult your advisor prior to investing.