MONEY MATTERS
By Ashley McNaughton
How to Navigate the College Financial Aid System
A
s college application season is fully underway, it is important to learn about the primary financial aid applications and types of aid your student could receive. The two most common applications used by colleges across the US are the FAFSA and CSS PROFILE, and they need to be filed prior to each year the student plans on attending college. The FAFSA (Free Application for Federal Student Aid) is the standard form used by all schools to determine the amount of federal aid a student will receive. The application opens online on October 1 each year and closes the following June 30. The FAFSA calculates the EFC (Expected Family Contribution), what the government considers a reasonable amount the family should be able to contribute to the student’s educational costs whether or not a parent wants to contribute to their child’s education. For 2019-20, you will file using prior-prior (2017) tax year information. The CSS Profile (College Scholarship Search Profile) is used
by many colleges, primarily private, to determine eligibility for non-federal funding (institutional aid). It is filed through the College Board online. This application also opens October 1 and will use prior and prior-prior tax year information. So if you are applying for 2019-20, you will use 2017 and 2018 information. It is important to know that the earlier you file the CSS Profile and FAFSA, the more funding you may receive as some grants are given on a first-come, first-serve basis. Also, each state and college has its own deadline for when you need to file, and these often fall around the time the college applications are due. Start early and aim to have your financial aid applications complete two weeks before your student’s first admission application deadline. There is no harm in submitting the forms before the actual admission applications are completed. If you are about to make a large purchase or make any significant payments, you should make them before updating your bank balance information. Other than
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NEAPOLITANfamily • November 2018