I'm a junior starting to think about college financial aid, and I've come across both the CSS Profile and FAFSA. What's the difference between the two? Do I need to complete both of them? Can someone please explain the main differences and give me some advice on how to handle them?
The CSS Profile and FAFSA are both used to calculate your eligibility for financial aid, but they have different purposes and requirements.
The FAFSA (Free Application for Federal Student Aid) is a government form that allows you to apply for federal financial aid, including grants, loans, and work-study programs. Filing the FAFSA is crucial because it's the only way to access federal financial aid, and many schools also use the FAFSA to determine your eligibility for their need-based institutional aid. All students seeking financial aid should complete the FAFSA.
The CSS Profile (College Scholarship Service Profile) is a separate form administered by the College Board and is used by around 400 selective colleges and universities to determine your eligibility for nonfederal, institutional financial aid. The CSS Profile collects more detailed financial information than the FAFSA, such as home equity and noncustodial parent finances, allowing schools to distribute their own need-based financial aid more equitably.
You should complete both forms if the colleges you are applying to require the CSS Profile in addition to the FAFSA. Check each college's financial aid website for requirements and deadlines. Keep in mind that the CSS Profile has a fee ($25 for the first college, $16 for each additional college), but fee waivers are available for eligible low-income students.
Some key differences between the CSS Profile and FAFSA include:
1. Information required: The CSS Profile is more comprehensive and asks for more detailed financial information, whereas the FAFSA focuses on basic income and asset data.
2. Deadlines: The FAFSA becomes available on October 1st and has a federal deadline of June 30th. However, many colleges have earlier deadlines, so be sure to check each school's requirements. The CSS Profile also becomes available on October 1st but has varying deadlines depending on the college.
3. Cost: The FAFSA is free to complete, while the CSS Profile has a fee, as mentioned earlier.
In summary, make sure you complete the FAFSA to access federal financial aid and complete the CSS Profile if they colleges you're applying to required it. Begin by gathering the necessary financial documents, such as tax returns, W-2s, and bank statements, and fill out both forms as early as possible to ensure you meet schools' deadlines. Good luck!
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