Unless you’re very wealthy, when you apply for college you need to explore financial aid opportunities. But the process can seem confusing, and before you seek the assistance of your college financial aid advisor you should know how the system works.
Two of the terms you will hear are “FAFSA” and “CSS Profile.” Both are applications that you fill out with your financial and personal information. The information is used by the college to help determine how much financial aid you will receive. But what’s the difference? Do you have to submit both?
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Applying for financial aid can be a challenge and many parents delay the process as long as they can. Some think they need to wait until their taxes have been filed, when in fact an estimate based on your previous year’s taxes is completely acceptable. Sometimes parents feel embarrassed to apply for financial aid, even in this uncertain economy. Too many parents do not apply for financial aid because they do not believe they will qualify. Never make this assumption. The easiest way to lose out on financial aid for college is to not apply for it.
FAFSA stands for Free Application for Federal Student Aid and is the main form used to determine eligibility for federal aid, including Pell Grants and student loans. The majority of parents will fill out the FAFSA application online. It is the first step to getting financial assistance for college. Many student financial aid programs are on a first come, first served basis. The FAFSA is the critical connection between you and your student’s future financial aid package.
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