When families build a college list, the focus is usually on admissions. However, many don’t realize the impact your college list has on your financial aid deadlines. While most families are thinking about whether a school is a good academic fit and worrying about the application deadlines, they should also consider that school’s financial aid requirements as well. Your college list does more than determine where your student will apply. It can also determine which financial aid forms you need to complete, which deadlines you need to meet, and what additional steps your family may need to take throughout the application process. That is why I encourage families to think about the college list as the foundation of their financial aid plan, too.
Your College List Determines Your Financial Aid To-Do List
The FAFSA is an important part of the financial aid process for families seeking federal student aid, and many states and colleges also use FAFSA information when determining financial aid eligibility. However, there are some schools that require additional forms and applications for financial aid. By now you might have heard about the CSS Profile, which is necessary to be considered for institutional financial aid by some colleges. Not all schools require it, which is why it is important to check. Other schools may even have their own financial aid applications or request additional documentation.
The requirements can vary from one college to another, which is why your college list matters. Once your student’s college list is completed, you should look at each school’s financial aid requirements along with the admissions requirements. Make notes about each schools’ FAFSA requirements, whether or not they require the CSS Profile, are there other forms needed, is there a financial aid priority deadline, and if the financial aid deadline is different from the admissions deadline. Knowing this information and having it all in one place will make everything easier to manage.
A college may have an Early Decision or Early Action admissions deadline in November, for example, along with a separate financial aid priority deadline. Another school may have a different timeline altogether. These deadlines can also change from year to year. That is why I recommend checking each college’s financial aid website directly and adding the applicable deadlines to your calendar. Don’t rely on one general college application deadline to tell you when everything is due.
Your College List May Change
It is completely normal for a student’s college list to change during senior year. Students often discover new schools they love, or decide others are no longer a good fit. Whenever the college list changes, take another look at the financial aid requirements. Make sure to add or remove necessary information and deadlines. Adding one college could mean adding another CSS Profile requirement or another financial aid deadline to your calendar. Think of your college list as a living document. As it changes, your financial aid checklist should change with it.
What Families Should Do Now
The good news is that you do not need to have every financial aid form completed right now. September and the weeks leading up to financial aid season are really about preparation and organization. Start by making sure your student’s college list is up to date. Then, for each school, create a simple record of the financial aid requirements and deadlines.
This is also a good time to make sure the student and any required FAFSA contributors can access their individual Federal Student Aid accounts. You do not want to discover a login problem when you are trying to meet a deadline.
Finally, begin gathering the financial documents and information you will need. Having tax information, W-2s, financial records, and other documents organized in one place can make the application process much less stressful. You are essentially doing the same thing you would do before tax season: getting your records together before you sit down to file.
Create One Financial Aid Calendar
If your family has multiple colleges on the list, I strongly recommend creating one master calendar or spreadsheet for admissions and financial aid deadlines. This master calendar or spreadsheet should include all:
- Admissions deadlines for each school, such as early decision, early action, regular decision, and any other application deadlines.
- FAFSA deadlines for each school
- CSS Profile deadlines for each applicable school
- College-specific requirements, such as institutional forms, scholarship applications, or additional documentation requested by individual schools.
Keep this somewhere everyone has access to and can see what’s upcoming.
Financial Aid Planning Starts With the College List
The college search and the financial aid process are often treated like two completely separate things, but they are closely connected. The schools your student chooses to apply to can determine which financial aid forms your family needs to complete and which deadlines you need to meet. Taking the time to organize your list and make note of deadlines and necessary information will prevent a lot of stress later this fall.
Financial aid season may feel like a lot, but having a clear plan can make it much more manageable!
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.