The 2023-24 Financial Aid Season
October 1 marks the beginning of the 2023-24 financial aid season for college students. The Free Application for Federal Aid (FAFSA) and the College Scholarship Service (CSS) Profile open on this date.
To qualify for federal, state, and institutional financial aid, students and, in most cases, their parent(s) must complete the Free Application for Federal Student Aid (FAFSA). Depending on what schools the student is applying to, the CSS Profile may also be required.
Financial aid can be in the form of grants, scholarships, work-study, and loans. (It is best to avoid loans whenever possible.) Financial aid packages usually include some combination of two or more of the listed items.
To put yourself in the best position to receive the most generous aid package, file your applications as early as possible. Yes, the websites provide deadlines that are far in the future but don’t wait. Pools dwindle.
For the FAFSA
If you are a first-time filer, you’ll need to create an account with Federal Student Aid (FSA), which will generate your FSA ID. This unique ID will be used to electronically sign your application whether you file online or use the mobile app.
You’ll need your social security number, date of birth, and mobile phone number to set up an account. Students and parents must have separate ID numbers.
(Note: A paper form is available for download and can be mailed when completed. This method is not recommended as it takes longer to fill out and process. It also makes submitting changes more difficult.)
Have your W-2(s) and tax returns available for the financial portion of the app. The quickest way to complete the financial portion is to utilize the IRS retrieval function.
Refrain from over-reporting your assets. Retirement accounts, e.g., 401-K and primary residence value, do not need to be reported. When reporting checking and savings account information, deduct any unpaid monthly expenses. You should report what will be “extra” at the end of the month/pay period. If you owe it – it isn’t yours.
Although the FAFSA website states that information will be automatically saved, it’s best to do it yourself – frequently. In previous years, there have been many reports of lost data, especially in the early days of availability.
For the CSS Profile
Students complete the CSS Profile using the same account created for taking the SATs and other exams. There isn’t a paper option for the CSS Profile.
Unlike the FAFSA, the CSS Profile has fees for completing ($25) and sending reports ($16) to requesting schools. Fee waivers are available for some families. You can check here for more information.
The CSS Profile asks far more detailed financial questions than the FAFSA. You still need your salary/tax information, but the reporting of assets is different.
In many cases, the non-custodial parent must also provide financial information.
Remember to take your time. Read each question carefully and double-check all entered information before submitting.
Wishing you great success!
ADDITIONAL RESOURCES:
8 Steps to Completing the FAFSA Form
CSS Profile Participating Institutions and Programs (collegeboard.org)
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