There are lots of stressful parts about the college application process, but few get to families as much as the financial aid considerations. Financial aid has major implications towards which colleges you can afford to attend and what kind of student loan debt you’ll face after graduation, so it’s important to take it seriously! Working with families, we’ve come to understand that not everyone knows how important it can be to fill out these forms– even if you might not qualify– so we thought we’d write this blog to explain why both are important and worth your time.
What is the FAFSA?
The FAFSA is a free application administered by the U.S. Department of Education. It’s used by federal, state, and institutional financial aid providers to determine a student’s eligibility for aid. The form itself collects information about a student’s and their family’s financial situation, which includes their income, assets, and more to judge what they can reasonably afford to pay for college.
The FAFSA for the fall and spring school year is generally due in June.
- Your parent’s’ social security number if you’re a dependent student.
- The past year’s tax returns.
- Records of any child support your parent may have received.
- Current balances of cash, savings, and checking accounts.
- And the net worth of your family’s investments, businesses, and farms.
- A pencil and paper to record your login information.
Why is the FAFSA Important?
The FAFSA is important because…
- It’s a gateway to all federal financial aid programs, such as Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOG), and federal student loans. College is expensive! So, it’s good to know all of your options when paying for school.
- Many states use the FAFSA to award their own grants and scholarships, so it is important that they have all the relevant information.
- Colleges and universities often use FAFSA data to allocate their own financial aid funds. Meaning, you might qualify for additional aid from your university. You will lose access if you do not fill out the FAFSA.
- Some private scholarships also require the FAFSA for eligibility. You don’t want to lose out on the opportunity for financial assistance of any kind just because you didn’t take the time to fill out the correct forms!
The best part? The FAFSA should take you less than an hour to complete! Renewal applications are known to take less than 30 minutes. So, take some time to sit down together as a family and complete it. It will feel so good to have it off your plate!
How to Complete the FAFSA
- Create an FSA ID: Before starting, both student and parents need to create a Federal Student Aid (FSA) ID, this is used to log in and sign the form electronically. Pro Tip: Write down your logins and passwords (parents and students) and keep it somewhere safe – you will need this every year.
- Gather All Necessary Documents: Collect required documents like Social Security numbers, tax returns, W-2 forms, bank statements, and all records of investments. Pro Tip: Within the FAFSA, there will be an option to connect to your IRS account; you have the option to do this instead of manually entering this information, but this will take extra steps to set that up.
- Complete the Form: The FAFSA can be completed online on the FAFSA website. Make sure that you answer all questions accurately and completely to avoid delays.
- Submit the FAFSA: After finishing the form, be sure to review it for accuracy and then submit it. Be sure to double check all deadlines because they vary by state and college. Generally, all applications need to be submitted by June 30th. The portal opens for the fall – spring semester on October 1st.
But there are other kinds of aid available. Have you heard of the CSS Profile?
What is the CSS Profile?
The CSS Profile is a financial aid application used to determine eligibility for non-federal financial aid. It’s used by nearly 400 colleges, universities, and scholarship programs and administered by the College Board, the same organization that oversees the SAT.
Why is the CSS Profile Important?
While the FAFSA is used primarily for federal and state aid, the CSS Profile provides a more detailed analysis of a family’s financial situation; allowing colleges to allocate their funds most effectively.
Here are a few reasons why the CSS Profile is important:
- Many private colleges use the CSS Profile to award grants and scholarships.
- The CSS Profile includes additional questions about family finances, like home equity and medical expenses, that help provide a more comprehensive view of a family’s financial situation.
- Some private scholarship programs also require the CSS Profile to understand the circumstances of students in order to offer awards.
The CSS deadline varies by school and ranges from January to March, so you’ll need to research the dates for your list of schools and track them on your calendar! The CSS portal opens October 1st every year, so get an early jump and fill out your CSS application as soon as possible!
How to Complete the CSS Profile
- Create a College Board Account: If you don’t already have one, create an account on the College Board website.
- Gather Necessary Documents: Similar to the FAFSA, you will need tax returns, W-2 forms, bank statements, and records of investments. It will save you time to try and gather these ahead of time.
- Complete the Form: The CSS Profile can be completed online on the CSS Profile website. The form is more detailed than the FAFSA, so still remember to take your time to answer each question accurately and completely to avoid delays.
- Submit the CSS Profile: Review your completed form for accuracy before you submit it. Note that there is a fee to submit the CSS Profile, but fee waivers are available for eligible students. The fee is $25 for the first school and $16 for each additional school added. For domestic undergraduate students whose family income is less than $100,000 per year, the CSS Profile is free! Be mindful of deadlines, which can vary by school.
Why Should You Complete Both Forms?
While the FAFSA and CSS Profile serve similar purposes, they’re used to cover different types of aid. Completing both forms makes sure that you’re considered for the maximum amount of aid available to pay for college.
Here is why you should complete both forms:
- Completing both forms increases your chances of receiving federal, state, institutional, and private financial aid.
- Some colleges require both forms to award their financial aid packages, like grants, scholarships, and work-study opportunities.
- While the FAFSA provides an overview of your financial situation, the CSS Profile offers a more detailed analysis. Together, they give admissions committees a complete picture of your financial situation.