Seniors, Now Is the Time to Work on FAFSA, Financial Aid, and Scholarships
Fall is the time for high school seniors to submit college applications, but did you know it is also the time to submit your financial aid informations to all the colleges on your list?
Timeline for Applying
A few years ago the timeline for the college financial aid process changed. Now the FAFSA (more details below) opens in October and families are encouraged to complete financial aid paperwork in the fall.
It may feel odd to apply for financial aid before you receive all your admissions decisions, but the goal for colleges is to send admissions decision then follow up shortly with financial packages. Understanding the costs allows families to better evaluate that offer of admission.
FAFSA: Your Starting Point
All financial aid starts with the FAFSA (FREE Application for Federal Student Aid.) Current seniors and their families can complete the FAFSA now. If you are planning ahead, the FAFSA typically opens in October of a student’s senior year.
The FAFSA will ask about parent and student finances using the previous year’s tax returns. If you fill it out this year, you will use your 2024 tax return information. For more details and to apply visit: studentaid.gov.
The information you submit in your FAFSA application will be used to calculate your Student Aid Index (SAI) which is sent to all the schools you listed so they can determine your financial aid.
Other Considerations
Here are some unique situations you might encounter:
Does everyone need to submit the FAFSA?
You only need to submit it if you might apply for financial aid at one or more of the schools on your list. Financial aid is based on need, so many of my clients find they don’t qualify based on income and assets. However, where you might not qualify for aid at your state university, you might at the high-cost private dream school.
If you are questioning whether to complete the FAFSA, take a few minutes and search for the most expensive school on your college list. Often you can search “estimate cost” or “cost calculator” plus the name of the school to be taken directly to the quick estimate tool. You can ball-park your numbers here to get an approximate evaluation. You might find you qualify for aid, making the FAFSA a good decision. You might find that your finances won’t result in aid from the school, so you can save your time on FAFSA.
What if our financial status has changed? What if the FAFSA doesn’t accurately see our unique financial situation?
Anytime you have an exceptional family situation, start by talking directly to the financial aid office. Typically you will be advised to submit the FAFSA then send documentation of changes directly to the schools. This might apply if you were employed in 2024, but have recently changed jobs or lost a job, resulting in a lower family income.
Is the FAFSA all I need to do to apply for financial aid?
Some schools will ask for more information. Check the requirements at each school on your list; you may need additional school specific aid forms or the CSS Profile (an additional income / asset form through College Board.)
Once you have all of your applications submitted, it is a good idea to go back through each school on your list to see if there are any scholarship or financial aid applications you should submit.
Scholarships
Sometimes scholarships are confused with financial aid. At most colleges and universities scholarships are awarded based on talent (academic, athletic, artistic, etc.) and financial aid is awarded based on need. But we see many outside programs offering scholarships with a need component.
In general, scholarships will not require you to submit FAFSA or other financial data. You may find some exceptions for programs that intend to award scholarships for students with demonstrated needs.
Conclusion
When in doubt, complete the FAFSA and/or call the financial aid office at the schools in question.
If you want to be considered for financial aid at one or more of the schools on your list, complete the FAFSA in the fall of your senior year, send the results to the schools on your list, and make sure you have completed any additional requirements for each school.
The incentive for starting this process sooner than later is that colleges often award grants (money that does not need to be paid back) on a first come basis. Students who wait until the spring to start their FAFSA may still qualify for financial aid, but at that late date grant money may be allocated and the only aid option left will be student loans.