Wed, Sep  25, 2024 11:30 AM

When it comes to financing college, many families feel overwhelmed by the cost. The good news is that financial aid can provide some resources to help pay for college. Here’s what you need to know.

Financial aid comes in many forms, including grants, scholarships, work-study programs, and loans. The Free Application for Federal Student Aid (FAFSA) is the key to accessing federal and state financial aid, and many colleges use it to determine institutional aid as well.

Completing the FAFSA on time ensures you get the maximum amount of aid available. Delaying the process can result in missed opportunities for grants or need based scholarships, which may be awarded on a first-come, first-served basis.

In the past, the FAFSA has opened on October 1st. But that all changed in 2023 when it was delayed until December 30^th and in 2024 it has again been delayed, this time for the vast majority of families – until December 1^st. So, if you are planning to enroll in college for the 2025–2026 school year, you should submit your FAFSA as soon as it opens on December 1^st!

Please note that every college and state has their own deadlines for financial aid, and some need-based awards in certain states are limited, meaning funds could run out for late applicants.

Key Deadlines to Keep in Mind:

1. Federal Deadline: Typically, the federal FAFSA deadline is in June of the year you’ll begin college. However, submitting this late could cost you thousands in grants and scholarships that are given out earlier in the year.
2. State Deadlines: Each state has its own FAFSA submission deadline, which could be much earlier than the federal cutoff. States like California, for example, have a March 2nd deadline for certain state programs.
3. College Deadlines: Many colleges require students to submit the FAFSA by their own priority deadlines, which could be as early as November or December for early decision applicants or March for regular decision students.

To avoid missing out, check your state and the colleges you’re applying to for specific deadlines, and aim to work on and submit your FAFSA on or after December 1^st.

Preparing to Complete the FAFSA:

To make the FAFSA process smoother, gather all necessary documents ahead of time. These include:

•    Factual details about the student and parents like DOB and social security numbers
•    Tax returns from two years prior (for the 2025-2026 FAFSA, use 2023 tax information)
•    Bank statements and investment records
•    Create your FSA ID – a username and password – to electronically sign the FAFSA

Even if you think your family might not qualify for need-based aid, it’s important to complete the FAFSA – as a backup plan. Why, because sometimes the best laid college funding plans can change. Plus, some colleges expect a family to complete the FAFSA to make their student eligible for merit-based scholarships. Completing the FAFSA also opens the door to low-interest federal direct student loans.

In addition to the FAFSA, over 200 private colleges and universities require the CSS Profile to determine eligibility for institutional aid. Unlike the FAFSA, the CSS Profile is a much more in-depth, intrusive financial aid process, asking for much more detailed financial information from your family. But it may open up access to even more financial aid options from a colleges own Endowment Funds. The good news is that the CSS Profile, which usually opens on October 1^st, is OPEN – so plan to start this form NOW!

Helping families complete their FAFSA and CSS Profile is something I have specialized in for 18 years – so feel free to schedule a review or completion session with me TODAY by clicking the link BELOW.

Need help with the College Admissions Process, Finding Scholarships, or with Financial Aid?

Schedule your Meeting with Dan Bisig – TODAY!