How Do FAFSA and CSS Profile Affect College Financial Aid? #collegeadmissions #collegeadvice #fafsa

Did you know the FAFSA and CSS Profile both open on October 1st, and they could determine how much financial aid your student is eligible for?

October 1 is an important date for every family applying to college.
That is when two major financial aid forms become available: the FAFSA and the CSS Profile.

Let’s start with the FAFSA, which stands for Free Application for Federal Student Aid.

When you fill out the FAFSA, you are not applying for money directly. You are completing a report that calculates your Student Aid Index, or SAI.
This number is used to determine how much the government thinks your family can contribute to college for that year.

You need to submit the FAFSA every year your student is in college.

It is also the form used to apply for the Parent PLUS Loan. But here is something many families do not realize: the money goes to the school, not to you.
A loan servicer is then assigned, and you will make your payments directly to that loan servicer.

Now let’s talk about the CSS Profile.
It also opens on October 1 and is used by many private colleges to take a deeper look at your financial situation.

The CSS Profile includes about 275 questions.
It asks for more detail than the FAFSA, including information about home equity, family businesses, and outside financial support.

Not every school requires the CSS Profile, so it is important to check the College Board website to see which colleges do.

October 1st is the start of the financial aid season.
If you need help with the FAFSA, CSS Profile, or building a financial strategy for college, reach out. Let College Help Squad be part of your process.