There are many steps to completing a college application: writing essays, filling out application questions, creating the activity list, asking for letters of recommendation, setting up an application portal after submitting… and we haven’t even gotten to financial aid!
The financial aid application season runs at the same time as the college application season, beginning on October 1st of each year with the opening of the FAFSA (Free Application for Federal Student Aid). While students are keeping up with their college applications, there are also a lot of steps for students and parents to follow to complete the financial aid process.
Here are some answers to commonly asked questions to help simplify the FAFSA process:
WHAT DO I NEED TO FILL OUT THE FAFSA?
Get organized before you file your financial aid documents. Here’s a list of the items parents and students will need to successfully fill out the FAFSA:
Your FSA ID - An FSA ID is a username and password that allows students and parents to sign the FAFSA electronically. Both the student and the parent filling out the FAFSA must create an FSA ID, and you will need these before completing the FAFSA. You can create an FSA ID before the FAFSA opens in October. You will use the same FSA ID every year the student files the FAFSA, so make sure to keep up with it!
Your SSN - If you are not a US Citizen, but meet certain eligibility requirements for federal financial aid, you will need your Alien Registration Number.
Your Federal Income Tax Return - Parents and students (if the student filed federal income taxes) will use tax information from two years prior to the fall the student plans to enroll in college. For example, if a student plans to begin college in Fall 2023, their family will use tax information from their 2021 tax return.
Records of any untaxed income - For example, child support, interest income, or veterans’ non-education benefits.
Records of your assets - For example, savings and checking account balances, records of investments, stocks, bonds, and real estate (excluding your primary residence).
List of schools you are applying to - You should go ahead and send the FAFSA to colleges even if you haven’t been accepted (or even applied) yet. You can always remove a school if you decide not to apply, but you could miss out on financial aid opportunities if you wait too late to add a school.
WHEN IS THE FAFSA DEADLINE?
Just like colleges set their own application deadlines—and one college can have multiple application deadlines—financial aid deadlines can also vary by college. Check with each school’s financial aid office to see their FAFSA deadline. Keep an eye out for any early “priority” deadlines or FAFSA deadlines associated with different application types like Early Decision or Early Action. Some deadlines can be as early as November 1st!
Make a list of all the financial aid deadlines and determine which college has the earliest. Aim to file the FAFSA and submit it to all colleges on your list by that date. Or, better yet, try to file your FAFSA by Halloween to get it out of the way!
WHAT IF I AM APPLYING TO MORE THAN 10 COLLEGES?
You can only list up to 10 schools at a time on the FAFSA, but there is a workaround for students with longer college lists. Within a few days of filing the FAFSA, you will receive an emailed copy of your Student Aid Report (SAR). The SAR is also sent to the colleges listed on the FAFSA.
To send the SAR to additional schools, log back into your FAFSA and select “Add/Update Schools.” Remove schools from your list—don’t worry, they’ve already received your SAR—and add new schools. Submit the corrections, and the new schools will then receive your SAR. Just remember that if you had to make any corrections to your actual FAFSA that you add back the schools you deleted so they get the updated version as well!
WHAT IS VERIFICATION?
About one-third of FAFSA applicants are chosen for verification to determine the accuracy of what’s reported in their FAFSA. Don’t assume you’ve done anything incorrectly! You will be notified in your SAR about verification and contacted by the individual colleges to provide documentation like items from the list above. Be sure to follow instructions by the college’s deadline!
WHAT IS THE CSS PROFILE?
The CSS Profile is an additional financial aid application that is different from the FAFSA. It is required by more than 200 colleges and is used for institutional aid rather than federal aid. Some colleges will require both the FAFSA and the CSS Profile to be considered for financial aid. You complete the CSS Profile through College Board (yes, the SAT and AP people). There is no limit to the number of colleges you can list on the CSS Profile, but there is a small fee for each college (the irony of paying to submit an application for financial aid is not lost on us).
WHAT ABOUT FINANCIAL CHANGES?
If your financial situation has decreased since the 2021 tax year, you will still use your 2021 income tax returns when filing the FAFSA. Then, contact the colleges where you have sent the SAR to explain and document your change in income. The college may have a process in place, like an additional form for you to fill out. Officials in the financial aid offices can assess your situation and may adjust your FAFSA form or financial aid award.
If your situation changes after you file the FAFSA, you cannot update the FAFSA itself with new information. Similar to above, contact the colleges on your list to explain your family’s situation and follow any steps to request an adjustment to your FAFSA.
Don’t let the FAFSA process intimidate you! Check out our other free resources to simplify financial aid: