by Katherine O'Brien, Certified College Planning Specialist
1. FAFSA – the Free Application for Federal Student Aid
This form is the key that opens federal aid, including Pell grants (which have recently expanded to many more students!), SEOG grants, and federal student and parent loan programs. Many states also use the FAFSA to determine eligibility for their aid programs. Additionally, the vast majority of colleges use this form to allocate their need-based aid programs.
Who is your Parent for the FAFSA?
A key question – for the FAFSA, who is considered your parent when you are an unmarried undergraduate student
-If your biological or adoptive parents and you live together, whether they are married or not, then they are your FAFSA parents
-if you live with only one parent because the other is deceased, that parent (and his or her spouse) is/are your FAFSA parent(s)
-if your biological or adoptive parents do not live together, the parent who provides more of your financial support (and his or her spouse) is/are your parent(s) for the FAFSA
-If you don’t live with either of your parents and have not been adopted or set under a guardian, you still need to include the information for your parent(s) on your FAFSA.
Parent & Student must CREATE an FSA ID to electronically sign the form
You and ONE of your parents need to create FSA IDs. This is a code you will use to electronically sign your FAFSA form, as well as any federal loan forms. You can set one up here: https://studentaid.gov/fsa-id/create-account/launch
File the FAFSA online:
The FAFSA is available here: https://studentaid.gov/h/apply-for-aid/fafsa
File it in October of senior year for freshman year. It will need to be filed again annually in advance of each year of college. Be sure to CHOOSE the FAFSA form for the CORRECT SCHOOL YEAR – for a HS senior in the Class of 2025, choose 25/26 FAFSA, since that is your freshman year in college.
The FAFSA will pull tax information for both parent and student, for the calendar year two years before the school year starts. For the 25/26 school year, the 2023 tax information is used (2025-2=2023). Current asset information will be entered in by parents and the student.
Avoid Common FAFSA Mistakes
Say YES to Work/Study. It is program through which you can earn money toward your college costs.
File for the correct school year.
Only include the correct assets (see below)
Indicate your parents’ education level correctly. If neither parent has a bachelor’s degree, you are considered a first generation student and there’s more aid available. Be sure to indicate high school as their highest school completed.
List in-state public universities first in the college section. Search by college name, not abbreviations. Verify that you have listed the correct colleges. Unless you are sure you’ll be living at home or off campus, list on campus as your housing plan, even if you aren’t sure.
Be sure the student questions get student answers. When Mom sees “marital status?” she is thinking of her own, not the student’s, but the question is about the student’s marital status.
Look at the help (?) to determine the number of people in your household. While this number is no longer used in the federal formula, states and colleges get this information and can take it into account.
Watch your email after you file the FAFSA. The student will receive an email indicating the FAFSA has been filed. Also, if the student is required to “verify” their FAFSA, an email will let them know. So, KEEP AN EYE ON YOUR EMAIL. If you don’t check it regularly, set a reminder to check it every couple of weeks from when you file until the time you get financial aid awards. If a verification email comes in, deal with it right away.
The FAFSA MUST BE FILED for EVERY YEAR YOU ARE IN COLLEGE AND WANT AID.
What is an Asset for FAFSA?
Assets are your savings, investments, your liquid assets. NOT the house in which you live, car(s), or other possessions. NOT your retirement savings or life insurance. YES your second home, YES your stocks and bonds and 529 accounts (for the student), YES your business are assets.
What happens next??
Once you file the FAFSA form, and both parent and student have submitted it, the student will receive an email. If that doesn’t happen, the FAFSA didn’t get filed.
What is verification?
About 1/3 of FAFSA filers are selected for verification. If you are selected, you’ll need to do what is asked of you.
You’ll get your SAI, (formerly called the EFC), the Student Aid Index. It can be -1500 to 999,999. The lower the number, the more aid you are eligible to receive.
2. CSS PROFILE
About 250 colleges and universities require the CSS PROFILE form in addition to the FAFSA form. The PROFILE form is used to disperse the college's own funds. File the form in the fall of senior year. Full information and deadlines is available through each college's website.
The list of the colleges that require the PROFILE form is here.
The PROFILE form requires significantly more information than the FAFSA. Income for two years before the college school year starts (just like the FAFSA, for 25/26 it would be the 2023 year), the year before the college year starts (for 25/26, it would be 2024, which might not be finished yet when the form is filed), and an estimate of the next year's income (2025).
Assets for the PROFILE form: Nothing is excluded. In addition to the many questions on the PROFILE form, some colleges include additional questions, which will be shown at the end of the form.
IDOC - the Institutional Documentation Service
IDOC is used by some of the PROFILE schools as the secure platform to upload various financial documents.
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