The financial aid application can seem overwhelming. There's all this new and confusing jargon to absorb. And unfortunately, there is little change or no prior experience that will prepare you for how to find financial aid for college. But there is you don't need to panic and the multi-step approach that follows will help you regardless of the college(s) involved.
There are five basic steps involved in applying for financial aid for that 2023-2024 school year. (Note: these procedures may well change if applying for aid in future academic years.)
1. Choose which forms you have to complete.
Each college sets their own financial aid filing requirements. At the very least, you will have to complete the U.S. Department of Education's Free Application for Federal Student Aid (FAFSA(R)). The online 2023-2024 version will be available electronically at studentaid.gov beginning October 1, 2023.
If you've limited computer availability, instead of filing online, on or after that date you are able to download a PDF version of the 2023-2024 FAFSA (available using it . website), print the shape, complete it by hand, and then mail the completed paper form to the federal processor.
Depending on the colleges involved as well as your situation, you may even have to complete and submit the College Board's much more detailed CSS Financial Aid Profile Application (or CSS PROFILE(R)) which a few hundred colleges (mostly the greater selective private ones as well as a handful of flagship state universities) use to award their very own aid funds. Some private scholarship programs may need the CSS Profile too.
Depending in your state of residence, you may even have to develop a separate form or forms to be considered for state aid (if the FAFSA isn't sufficient). And with respect to the schools involved, you may also need to complete one or more of their institutional aid applications and/or a Business/Farm Supplement if you're self-employed or possess a partnership, corporation, or farm.
Some colleges may need that the noncustodial parent submit another educational funding form providing their very own financial data. For a moment convey more than a single family member in college simultaneously, you'll have to file separate forms for each student. Note: the online version of the FAFSA will initially allow one to send the processed leads to up to 10 schools; the paper PDF version is only going to allow someone to initially list four schools.
Regardless of the way you file the FAFSA, there isn't any processing fee to submit the FAFSA form. The CSS Profile filing fee is based in part around the number of schools, unless you qualify for a fee waiver.
FAFSA vs. CSS Profile
The FAFSA and the CSS Profile are both standardized forms which are listed in a processor. But they're not mutually exclusive forms.
The FAFSA form is always used to determine eligibility for federal aid. However it could also be used to determine eligibility for institutional the help of the school itself. However, if the college also necessitates the CSS Profile in addition to the FAFSA, then your CSS Profile will be the application that determines eligibility for that school's own funds which based on your situation can dwarf the amount of federal aid offered. Even though both forms asks questions about your Prior-Prior-Year (PPY) income, which for the 2023-2024 academic year's versions of both forms would be the calendar year 2023 income, the CSS Profile will also ask some additional questions about your prior-year 2023 income and perhaps some questions regarding your 2023 income.
2. Know your educational funding deadlines.
You shouldn't wait to become accepted to apply for aid. Deadlines vary tremendously. Remember that very few schools still award aid funds on the first-come-first-served basis, but a few still do. So check the deadlines for every single school under consideration by going to the financial aid office website for every college into consideration.
Most colleges will set important filing deadline to receive maximum consideration for aid; the college might have different aid deadlines for early decision/early action applicants, regular decision applicants, currently enrolled students, and transfer applicants.
Additionally, you will want to look into the deadline(s) for your house state's aid programs. As the majority of states set their own priority filing deadline, a little more than a dozen state governments award their very own state aid on the first-come-first-served basis until the funds are exhausted. Your house state higher education assistance agency's website will provide every detail, although it is also better to consult their state aid filing information within the FAFSA instructions and/or our prime school guidance counselor.
Be aware that several states may permit you to take state aid funds outside of your house state, though the listing of other states where you can get those state aid funds is often limited and the award amount may be less than the in-state amount.
3. Determine the perfect time for you to file the aid forms.
Ideally, if you want aid for that 2023-2024 award year you will need to file the aid forms when you will demonstrate the most need between the time the filing period begins on
October 1, 2023 as well as your earliest priority filing deadline. However, if you're planning on among the rare colleges that also awards aid on the first come – first served basis and/or your home state awards aid funds on the first come – first served basis, then you will want to make an application for aid as soon after September 30, 2023 as possible.
If you already filed your 2023 IRS 1040 taxes, then skip Step 4 and go to Step 5. However, if you are reading this article before October 16, 2023, have not yet filed your 2023 return, as well as your optimal time for you to file the FAFSA is before the time your IRS 1040 return will be completed, then proceed with Step four.
4. Estimate your PPP income if necessary.
If you're in the rare situation that the prior-prior year (2023) taxes is not yet completed by your optimal time for you to file the forms, it is perfectly acceptable to submit estimated PPY income figures on the aid forms (and then revise the estimated PPY income items around the aid forms at a later date using the actual PPY tax return data).
5. Gather together the right records and complete all the necessary forms through the deadlines.
The colleges assume that it's your responsibility to ensure that you complete and submit all the forms. They may not notify you that documents are missing or that the application is incomplete until it is too late and most of the aid is already awarded.
It is best to utilize a chart to trace your deadlines and completed items for every school. Because most from the family contribution for any dependent student – and therefore the aid eligibility – is going to be driven through the parental financial information reported on the aid forms, it's best for parents to supervise the help process and ensure all deadlines and filing requirements are met.
If you set or delete any college out of your listing of schools under consideration, then make sure to result in the proper edits for your deadline chart. And when you add any schools towards the list after you have already filed the FAFSA, be sure to add these schools to the submitted FAFSA. And if any added school necessitates the CSS Profile, make sure to include that school towards the CSS Profile as well. Using the CSS Profile, you might (or might not) get asked several new questions depending on the school(s) being put into the form and can have to pay an additional $16 fee per added school (unless you were granted a charge waiver).
Following the experience plan in the above list will help you to ascertain what's to be done and when. By being organized and devoting some time now to better learn how to make an application for financial aid for school, you hopefully will reduce your anxiety as well.
Copyright 2023 by Campus Consultants Inc.