These forms become available between November and December of the student's senior year. All students applying for any Federal financial aid must file this form as soon as possible after January 1st. There is no cost to file this form. Analysis of the data on this form will determine eligibility for Pell Grants, Supplemental Educational Opportunity Grants (SEOG), Stafford Loans (both subsidized and non-subsidized), Perkins Loans, Work Study and other federal and state programs. Many states will also require the FAFSA to award state grants to students. Since federal aid is a key part to most awards, it is critical that this is filed in a timely manner. If applying for Scholarship or Financial Aid, this is mandatory!
The College Scholarship Service (CSS) has established a new financial analysis system to replace the Financial Aid Form (FAF). This service, CSS Financial Aid PROFILE, is designed to allow both colleges/universities and students to begin the financial aid process much earlier. Information obtained by PROFILE will be used to determine a student's eligibility for a college/university's own funds. Students should complete a PROFILE registration form in early fall by mail, fax, or via computer. Students will answer a core of questions and indicate colleges to which they will apply. They will pay an initial registration fee and additional costs per college. Within several weeks, students can expect to receive a PROFILE packet, containing college-specific forms if required.
There is debate in many circles as to where college admissions is heading in an effort to assist students in their ability to afford college. Stories have appeared in the media that accuse colleges of playing games with aid, or how much applying for aid will affect a student's chances for admission. Do not be afraid to ask questions about these issues when visiting schools. The following terms may help with a better understanding of the process:
NEED-BLIND: This is a process where the admission decision is separate (blind) from the financial aid process. The admission application is evaluated, a decision made, and those accepted are then sent to the financial aid office for review. A growing number of schools that are need-blind, however, do not have the resources to meet the full need of the class they have accepted.
NEED-AWARE: A growing number of schools with limited resources have become much more honest in admitting that they must look at their budget carefully in accepting a freshmen class. In most cases, this will affect the last 10% of the class accepted, or any student placed on a wait-list may learn that no funds are available. Most need-aware schools will meet the financial need of those accepted.
GAPPING: At a number of need-blind schools and, to a lesser extent, need-aware schools, gapping has become a way in which a school may admit you and deny aid, or to provide you with a financial aid package that does not fully meet (gaps) your calculated need.
The issue of applying early and financial aid has also been discussed in many circles and the media. By applying early, you limit your opportunities to compare financial aid packages between schools. Our experience has been that the package in the early round has been no different in the spring for those students that have applied early action/decision and regular decision. The Ivy League schools and many similar selective schools have gone on record to say that no differences exist in the manner in which early and regular aid is awarded.