FAFSA vs. the CSS Profile Financial Aid Forms
Last Updated on September 14, 2023 by Jill Schwitzgebel
Before completing the forms, you will need to compile some of your financial information (okay, just about all of it!), as well as student’s driver license and SSN. Gather your:
- income tax forms from the previous year
- bank statements
- records of stocks, bonds, and other investments
- current mortgage information
- business and farm records (if applicable)
What is the FAFSA?
FAFSA stands for Free Application for Federal Student Aid. Every student who hopes to receive federal financial grants or student loans needs to fill out the FAFSA online at FAFSA.ed.gov.
Here are some things you need to know about the FAFSA:
- You must apply to be able to receive federal student loans, even if you are certain that your student will not qualify for need-based grants.
- Many, or even most colleges require you to fill out the FAFSA in order to be able to receive institutional grants and scholarships.
- Don’t procrastinate filling out the form, because the money is first come-first serve. The earlier you apply, the better your chance of receiving a better financial package.
- Also, pay attention to the deadlines for filing. Every college will list it on their website. And if your child is applying EA or ED, that deadline could be as early as November 1st.
- You must re-apply EVERY year to be able to receive funds for the following year.
- You do not have to apply to a college just because it is listed on your FAFSA. If your child still has not decided on a list, it’s okay. Just put all the potential colleges on the form now. Note that the limit of colleges you can list on the FAFSA is ten. Follow the steps here to apply to more than ten.
- You and your student will be issued separate FAFSA IDs. Keep this information somewhere safe, as you’ll need it again. And from personal experience, I learned it’s a pain to have to get new IDs.
After you have submitted your FAFSA, you will receive your Student Aid Report (SAR) within about a week to ten days, although typically, it seems to be much sooner. It will summarize your FAFSA, so make sure it is correct. Your Student Aid Index number will be included, which will determine your eligibility for grants and loans packages awarded by the colleges on your list. Do not be surprised if the results from FAFSA completion indicate that your contribution should be higher than what you think you can realistically contribute. Good news is that this year, the FAFSA is beginning to implement some changes to make it simpler to complete.
What is the CSS Profile?
The CSS Profile stands for the College Scholarship Service Financial Profile, which is administered by the College Board. Some colleges, mostly private ones, require you to complete this along with the FAFSA. It is used by almost 400 colleges.
Here are some things you need to know about the CSS Profile:
- There is a fee to submit the Profile to colleges, and it can add up quickly depending on number of applications that require it. It is possible to get a fee waiver if you qualify.
- The Profile also opens on October 1st each year. And like the FAFSA, it is important to pay attention to the deadline for filing.
- The Profile is used to help compute aid directly from the institution, rather than just federal aid. That’s why these colleges require that you also complete the FAFSA.
- You must complete the Profile if you hope to receive any type of aid directly from a college that requires the Profile.
- The questions on the Profile may differ from school to school, although there is often significant overlap.
Often, the CSS Profile helps financial aid officers to consider special financial circumstances, which can be beneficial. After it is submitted, colleges will use this, along with the information from the FAFSA to determine what your total financial aid package should be.
What Are the Differences between the FAFSA and the CSS Profile?
- In the case of divorced parents, the FAFSA only considers the custodial parent’s finances, but the Profile will ask for financial information from both parents. (This will change for the FAFSA in upcoming years.)
- The Profile includes questions about assets like small businesses, home equity, and some annuities. The FAFSA does not.
- The Profile will gather more detailed financial circumstances that may affect your ability to pay, including things like medical expenses and K-12 tuition for other children at home.
- The FAFSA will consider things like financial gifts to help with college expenses as assets, rather than as income. The Profile will consider those gifts as income, which is not as favorable for determining eligibility.
For more information on college costs, see also: Important Financial Aid Questions You Didn’t Know to Ask and How Much Does College Really Cost?
