The bulk of college financial aid money comes from the federal government; this aid is distributed by colleges using information supplied by families when they complete the FAFSA (Free Application for Federal Student Aid). December 2023 is the expected first month that families can apply for student financial aid for the next academic year using FAFSA. However, the CSS Profile, which is used in addition to the FAFSA by about 400 colleges and universities, has been available since October 1.
Here’s what you need to know:
Before completing the FAFSA, every contributor of financial information (parents and students) must first each create their own FSA ID: https://studentaid.gov/fsa-id/create-account
It is recommended that the FSA ID be created before the FAFSA opens in December. This will serve as an electronic signature when submitting the application in December.
All US colleges require the submission of the FAFSA if you are applying for need-based financial aid. You must complete the form (found at https://studentaid.gov/h/apply-for-aid/fafsa) when it opens in December 2023. There is no charge to submit this form.
The CSS Profile. is used to gather more information to award institutional funds to deserving students. The CSS Profile can be accessed at https://cssprofile.collegeboard.org. It is due midnight Eastern time of your earliest priority filing date, but submitting two weeks before is recommended. A list of colleges that require this form can be found at that web address. There is a $25 submission fee for the CSS Profile, plus a $16 reporting charge for each institution that receives the report. If you qualify, there are fee waivers.
Who should complete the FAFSA and the CSS Profile?
- Any family who believes they might qualify for financial aid at some time during the student’s college years. The FAFSA calculations will consider parents’ age and do not consider assets in retirement savings accounts or home equity in their formulas.
- Any family that expects to have two or more children in college at the same time.
- Anyone applying for merit-based aid at a college that requires the FAFSA or CSS Profile for consideration for merit aid. Check the scholarship and merit aid pages of your colleges’ websites for more information.
Financial aid can be a moving target, but Marie is here to help. Schedule a 20 minute discovery call with Marie today.
