Figuring Out Financial Aid

It is that time of year again, most college application deadlines have come and gone, and the waiting game begins. Most high school seniors consider this the worst part of the whole process…waiting to see where you got in and where you did not. Regardless, of which school becomes your fist choice to matriculate at, most of us have to face the reality of paying for the next 2-4 years of schooling.

The two forms to become familiar with are the FAFSA (Free Application for Federal Student Aid) and the CSS Profile (operated by Collegeboard.com). While the FAFSA is required to be eligible for federal aid, some schools may also require the CSS profile to help determine qualifications for private institution aid. Deadlines for FAFSA and the CSS Profile often come up fast after application deadlines because schools want to begin assembling financial aid packages. Consequently, deadlines may fall before last years taxes are even filed. This is one of the most common questions of frazzled parents scrambling to get all their tax information together in time. Fear not, Both the FAFSA and CSS profile allow parents and students to estimate tax figures for the current year, based on the previous years taxes. You can use these figures to fill out both forms before the deadline, and make changes later if needed.

For the FAFSA you will need to sign up for a PIN and keep track of it for the next 4 years to avoid headaches further down the road. After that you will be able to enter in all your tax information. FAFSA then takes this information and generates a Student Aid Report which you should receive within 3-5 days. This report is important because it will give you and Expected Family Contribution (EFC). This number will be very important in understanding how much aid you may be eligible for.

The CSS Profile works much in the same way as the FAFSA. Applicants are asked a variety of income and tax related questions. Unlike the FAFSA the Profile customizes each individual’s application, asking only questions pertaining to you. If any additional or supplement information is requested by the college that will be added to your Profile. Once everything is complete the information is sent you the schools which you provided. These schools then apply their own analysis and determine an individual’s need.

It can all sound confusing, but both the FAFSA and CSS Profile websites have really detailed FAQ pages that can answer a lot of lingering questions. It never hurts to check them out if you have a unique situation or even just to get more information before you get started.


To go to the FAFSA website click here.
To visit College Board's CSS Profile page click here.