Families going through the college application process often make a significant mistake. They don’t fill out the standard financial aid forms because they believe they have too much income or too many assets to qualify for aid.
In truth, not all college aid is based on financial need. Most colleges offer “merit aid,” which is not needs-based.
Merit aid often takes the form of tuition discounts. Your son, for example, might apply to a college where $12,000 is the annual tuition. If your son is a good student, that college might decide to compete for his enrollment by offering a $6,000 scholarship.
In effect, the school is willing to cut its tuition in order to attract your son. This offer can be made regardless of your family’s financial circumstances.
Today, most students wind up paying much less than the posted tuition price. (Only a few elite universities avoid merit aid.) However, many colleges won’t offer merit aid to students who have not applied for financial aid so it can pay to prepare the paperwork.
