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Need a little help understanding financial aid for college?

October 26th, 2021

Financial aid forms can seem like a daunting task on a laundry list of documents to complete before the application process is finally finished. For families applying for need-based aid, here are the main forms parents should be aware of:

The FAFSA is the most commonly discussed college financial aid application; it’s used to determine a student’s eligibility for federal student aid, including grants, work-study and student loans.
The CSS Profile is an application required by many private colleges and a small number of highly competitive public universities in addition to the FAFSA. This form takes a closer look at a family’s entire financial picture.
Institutional forms are required in a very few cases; each college’s financial aid website will specify if so.

Financial aid policies vary from college to college, so parents must review each school’s financial aid instructions carefully to be sure they are submitting everything required for consideration. Many great resources are available online to help guide you and this US News article linked below provides the “ultimate guide” to help you through this process.

Article linked below from US News written by Farran Powell and Emma Kerr published on December 7, 2020

A Guide to Understanding Financial Aid for College

Many families are shocked by a college’s sticker price. While the price of tuition can be overwhelming, college financial aid can make higher education affordable.

In fact, income and savings represent only a few of the resources families use to pay students’ college expenses, according to the 2020 Sallie Mae/Ipsos survey How America Pays for College. The survey found that for a typical family, scholarships and grants covered 25% of college costs in 2019-2020. Scholarships and grants are two types of college financial aid that don’t need to be repaid.

With the complexity of paying for college, navigating the financial aid process can seem challenging. Here are a few answers to common financial aid questions.