One of the most important steps in the college process—after choosing where to apply—is figuring out how to pay for it. The good news? There’s a system in place to help families: financial aid. But to make the most of it, you’ll want to be prepared. Here’s what students and parents should know.

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1. Know the Key Forms

The two major financial aid forms are:

• FAFSA (Free Application for Federal Student Aid): Opens October 1 (but for the 2024–25 school year it opened in December due to changes). This determines federal aid eligibility, and many states and colleges use it too.
• CSS Profile: Used by many private colleges to award their own institutional aid. Not all schools require it, so double-check each college’s website.

Tip: Start a spreadsheet to track which forms are needed and their deadlines.

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2. Gather Documents Early

To make filling out these forms easier, you’ll need:

• Social Security numbers (for student and parents)
• Driver’s license or state ID
• Tax returns (usually from two years prior)
• W-2 forms and records of untaxed income
• Bank account balances and investment information

Having this ready before the FAFSA opens will save time and stress.

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3. Understand Deadlines

Deadlines for financial aid vary by federal, state, and school programs. Some schools have early priority dates—meaning if you submit late, you could miss out on money. Mark these deadlines on a family calendar.

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4. Don’t Assume You Won’t Qualify

Many families skip the FAFSA because they think they make too much money. Big mistake! Aid isn’t just based on income—things like family size, siblings in college, and school costs matter. Some scholarships and federal loans also require the FAFSA, regardless of income.

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5. Look Beyond FAFSA

Financial aid includes more than federal help:

• Merit scholarships: Based on grades, test scores, or talents.
• Outside scholarships: Offered by community groups, nonprofits, and businesses.
• Work-study: Part-time campus jobs to help cover costs.

Encourage your student to apply for multiple scholarships—the small ones add up!

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6. Double-Check Before Submitting

Errors on the FAFSA can cause delays. Double-check Social Security numbers, spelling, and financial entries before submitting. And remember—you must reapply every year your student is in college.

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Final Thoughts

Preparing for financial aid takes time, but it can save you thousands of dollars. Start early, stay organized, and don’t be afraid to ask questions. Colleges have financial aid offices ready to help—use them!