Paying for college: Even writing those words evokes a twinge of anxiety. Many of you might have the same reaction. It’s inherently a complex process, and one that can certainly be confusing.
And while last year’s long-awaited “simplified” Free Application for Federal Student Aid (FAFSA) was supposed to take a daunting process and transform it into something much less so, in reality the rollout of the new application was a far cry from simple; in fact, it was enormously complicated.
In a rather disastrous series of events, the FAFSA’s release was delayed nearly three months, and when it finally did go live, students and their families were met with one headache after another, from frustrating glitches to errors in the formula to incorrect financial need information being communicated to colleges.
This year, it was expected that the FAFSA’s release date would return to its usual October 1st, but in August, the Department of Education announced that, once again, it would be delayed.
As a result, for many families, that bubbling anxiety grows as they question whether to submit, what to submit (there are, after all, two financial aid applications) and when to submit.
So, let’s clear up that confusion and put the anxiety to rest. Here, I’m breaking down what you need to know to truly make the financial aid process more simplified after all.
The FAFSA delay explained
On the heels of last year’s calamity, the decision was made to delay this year’s rollout. Instead, we’ll see a phased approach this fall. Starting October 1st, a limited number of students were granted access to the application, and a full-fledged “live date” for all students is planned on or before December 1st. Why the phased approach? The intention behind it is to address and get ahead of any potential problems before the application goes live to everyone on December 1st, avoiding the mayhem that we experienced last year.
The CSS Profile: What is it and where is it required?
It’s critical to understand that there are actually two financial aid applications. While the FAFSA gets most of the attention, its cousin the CSS Profile can’t be overlooked. Every school requires submission of the FAFSA by any student seeking need-based financial aid. In addition to that application, some schools require a second application called the CSS Profile. This financial aid application digs a little more deeply into a family’s income and assets. The CSS Profile did go live last week on October 1st, as it usually does. It's available on the College Board’s website, and you can also find a list of CSS Profile participating institutions there as well. Always check each college’s financial aid page to make sure you are filling out the required application or applications.
Who should apply for financial aid?
The short answer is anyone who thinks they may qualify for need-based aid. Beyond that, there are some other lesser known reasons that a family might consider applying. One of those situations is if a family might seek financial aid in the future. Some colleges will not grant financial aid to students who did not apply for it as incoming freshmen. Another situation is if a family expects to have more than one child in college at the same time. While with the new FAFSA, the federal formula no longer uses this information, the application still asks for it, and some institutions might consider it when doling out institutional aid.
When should you apply?
Early! Shoot to apply as soon as possible after the application or applications go live. And be sure to check deadlines. For example, in the case of Early Action or Early Decision, a school might require an early submission of the financial aid application(s)—sometimes as early as the Early Action or Early Decision application deadline.
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