Applying for Financial Aid
If you want to be considered for Federal financial assistance, you must complete the Free Application for Federal Student Aid (FAFSA). The quickest way to do this is online at: http://www.fafsa.ed.gov
The FAFSA can be filed no earlier than January 1st of the year you will be attending.
However, the FAFSA may not be the only form you will need to submit. Incoming freshman may also need to complete the CSS Profile Application. Many Private colleges require the profile. Why? Well, it gives financial aid administrators a broader set of data from which to derive your eligibility for institutional need-based assistance. You also complete the Profile much earlier than the FAFSA and many schools will provide a financial aid package earlier than would be possible if you wait to complete the FAFSA. Check with you college to see if you are required to complete the Profile.
Generally, the Profile application becomes available in the middle of October. You can register and apply online at:
http://www.collegeboard.orgColleges use the processed data to determine your eligibility for financial aid. Whether you complete the FAFSA or the Profile, the Expected Family Contribution arrived at by putting your household, demographic and financial data through a formula is the basis for determining your award. Well, the data you submit on the FAFSA goes to a place called CPS (Central Processing System) where it is compiled and then a formula is applied. The formula the Department of Education uses to compute your EFC is called Federal Methodology. If you'd like to learn exactly how the data is treated you can request a copy (for free) of The EFC Formula Book by calling 1-800-4FED-AID. Ask for The EFC Formula Book by academic year (ex. "I would like a copy of The EFC Formula Book for the current academic year.")
