When it comes to paying for college, financial aid season can arrive quickly. Before you know it, your student is back in school, college applications are underway, and important financial aid deadlines are approaching. If your student is applying to college this year, here’s what families need to know before financial aid season begins when it comes to FAFSA and the CSS Profile.
While both forms collect financial information from families, they serve different purposes, and not every college requires both. The great news is that you don’t need to wait until applications open to get prepared. A little organization now can make the financial aid process much smoother once deadlines begin.
What Is the FAFSA?
The FAFSA is the primary application used to determine eligibility for federal student aid. It is also used by many states and colleges when determining eligibility for their own financial aid programs. Completing the FAFSA can help your student qualify for federal grants, work-study, and federal student loans, as well as certain state and institutional aid programs. For most families, completing the FAFSA is an essential part of the college financial aid process.
FAFSA applications open October 1st, but I highly suggest students don’t wait until the last possible moment to file. Some state and college aid programs have limited funds and priority deadlines. Filing early helps ensure your student receives all available aid. It also gives you time to address any issues that may arise during the application process.
What Is the CSS Profile?
CSS Profile is different from the FAFSA, and many people don’t realize they need to complete the CSS Profile in addition to the FAFSA. The CSS Profile is administered by the College Board and is used by participating colleges and universities to determine eligibility for institutional financial aid. Not every college requires the CSS Profile. However, many private colleges and some other institutions use it to gather a more detailed picture of a family’s financial circumstances.
The CSS Profile may ask for more detailed financial information that goes beyond what is collected on the FAFSA. That means it can take more time to complete and often requires additional documentation. There can also be a fee to submit the CSS Profile, although fee waivers are available for eligible families.
The important takeaway here is don’t assume that completing the FAFSA means you’re finished with financial aid applications. Your college list determines which additional forms you may need to complete, which is why I advise all students to complete their college lists well before financial aid season.
Find Out Which Forms Each College Requires
Before financial aid season begins, make a list of every college your student is considering.
For each school, determine if the CSS Profile is required. Also check if they have any of their own institutional financial aid forms. You can also search for scholarship applications, because free money is always a good thing!
Most importantly, check the deadlines! All schools are different and have different priority deadlines. Requirements and deadlines can vary significantly from one college to another. Also, stay on top of any state-specific forms for aid, as these can offer additional funding opportunities.
Creating a simple spreadsheet can make this much easier to keep track of. This one organizational step can save you a tremendous amount of time once senior year gets busy.
Make Sure Your Accounts Are Ready
Financial aid applications require you to setup accounts, which means you need to know your login information. October is not the time to start the account setup process or discover that no one remembers their password.
For the FAFSA, the student and parent each need their own account. Therefore, make sure everyone can access their account and knows their login information ahead of time.
If your student needs to complete the CSS Profile, you’ll need a College Board account as well. Store login information securely and somewhere that both the student and parent know how to access it.
Gather Your Financial Documents
One of the easiest ways to make the financial aid season less stressful is by gathering all your financial documents now. Waiting until the moment you’re sitting down to fill out your Financial aid application to look for the documents you need will only result in frustration and possibly delay the process.
Instead, use this time to get organized. Depending on your family’s circumstances and the forms your student needs to complete, you may need information such as previous year’s tax information, W-2s, records of any other income, bank account statements, investment information, along with any other financial details requested by a college or financial aid application.
The best way to keep these documents organized is to create a digital or paper financial aid folder to keep everything together. Think of it like preparing for tax season. Everything goes much more smoothly when you know where your records are before you need them.
Record Every Deadline
This is one of the most important steps you can take. This is a season of deadlines and missing one could mean your student misses out on money or opportunities. Again, it is important to keep in mind that financial aid deadlines are not necessarily the same as college application deadlines, or institutional aid deadlines.
A school may have one deadline for an admission application, another for the FAFSA, another for the CSS Profile, and another for institutional scholarships. Some colleges also have priority deadlines that occur earlier than their regular financial aid deadlines.
Once you know which forms each school requires, add every deadline to your family calendar, or your master spreadsheet. Then set reminders ahead of time on your phone or digital calendar so that you are always ahead! If you set a reminder the day something is due, it will likely lead to a last minute scramble.
Don’t Forget About Scholarships and Institutional Aid
Financial aid planning isn’t limited to the FAFSA and CSS Profile. As you’re researching colleges, look into each school’s scholarship opportunities. Some scholarships are automatically considered based on the admission application, while others require a separate application, all of which may have earlier deadlines than you expect
The Goal Is to Be Prepared
Financial aid applications can feel like a lot of work, but the potential payoff is worth the effort. A little planning now will set you up for less stress and more financial aid success later. By staying organized, paying attention to deadlines, and understanding what each school and form requires, you’ll increase your chances of securing all the financial aid needed to help cover your education costs.
More about Jodi and College Financial Aid Advisors
Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.