Should I fill out the FAFSA?

[Cinclus]

I know it's kind of late in the cycle for this question, but several of the schools I've been accepted to have mid-April financial aid application deadlines, so...better to ask late than never, I guess.

So, here's the deal. I have not filled out any financial aid applications at this point because my grandparents are willing and very able to pay for my entire medical education, no matter which institution I choose to attend (Thanks for your assistance and wise investment decisions, grandparents. ).
Unlike my grandparents, neither of my parents are exceptionally wealthy. They're divorced, and one parent makes significantly less than the other. I have a younger sibling attending college, and I know that can help me if I apply for need-based aid. My main question is: Am I allowed to to apply for and accept any institutional, need-based money awarded, not accept any loans, and have my grandparents cover the remainder? If I am allowed, would I be morally in-the-right to do so, likely depriving others of extra need-based aid? Also, would I need to report both parents, or just one, since they're divorced? I checked the FAFSA site for my last question, but it only seemed to have an answer for if I were a dependent, which I am not.
After having written this out, the answer to my question of whether this is allowed seems like it is, "Yes." Sorry, I've never applied for finaid before, so I'm pretty confused (I had full scholarships for undergrad and stipends for grad school). I appreciate if anyone can answer my questions and give me their opinions.

---

Members don't see this ad.

 

[MT Headed]

Am I allowed to to apply for and accept any institutional, need-based money awarded, not accept any loans, and have my grandparents cover the remainder?

Yes. You can choose to accept a portion of your award package and disregard the rest.

If I am allowed, would I be morally in-the-right to do so, likely depriving others of extra need-based aid?

This is more difficult to answer. You are qualifying for need based aid but you have a hidden source of income / assets. Does the act of applying and getting an offer (but not accepting it) deprive others? Do most students have also have hidden income / assets (like parental home equity for instance)? Hopefully somebody else can comment on this, as I have been accused of having poor financial ethics on this forum before.

Also, would I need to report both parents, or just one, since they're divorced?

You don't need to report any parental information for federal aid / loans at this educational level. The requirements for reporting zero, one, or both parents is strictly a school-specific choice, but most schools have an iron-clad rule that you must report the financial situation of both parents (even if divorced / estranged / abandoned / foreign / etc) with very few exceptions.

 

[Cinclus]

Thanks for your input.

 

[nadaba]

I just want to add that if you need to fill out the Need Access application for any of your schools, there is a section asking how much money you'll be receiving from non-parent family members (grandparents, aunts, uncles, etc.). I don't believe the FAFSA asks anything like this.

P.S. I would fill out the FAFSA, at least for the first year. It's really not that bad.

 

[TMP-SMX]

No harm in filling for FAFSA. Filling it out allows you to be eligible for any need-based aid or scholarships. The FAFSA itself doesn't require parental information, but to be eligible for need-based you must include it.