As autumn unfolds and the days grow shorter, students start working on their admissions applications. At the same time, parents should start gathering together their records if they will be applying for financial aid. The most basic first step is to determine the deadlines and filing requirements for every school where aid will be sought. As a minimum, every student seeking aid (including student loans) will need to fill out a standardized need-analysis form called the Free Application for Federal Student Aid (FAFSA). This form is available online at www.fafsa.ed.gov, but also can be completed using a paper version that is readily available (usually in early December) from high school guidance offices public libraries and college financial aid offices. Make sure that you complete the proper version of the form for the academic year you are seeking aid and keep in mind that the FAFSA can be filed no earlier than January 1 of the year in which you are hoping to receive assistance. So for example, a student seeking aid for the fall 2004 and spring 2005 terms would use the 2004-2005 version of the FAFSA and file it no earlier than January 1, 2004.
Many private colleges and some state-supported institutions may require you to fill out the CSS / Financial Aid PROFILE form as well. This form is developed and processed by the same organization that brings you the SAT -- The College Board. A processing fee will be charged based on the number of schools to which you want the form sent. The PROFILE form involves a two-step process. If at least one college to which you are applying for aid requires the PROFILE, you must first register to get the actual form. A customized form will then be generated for which can then be completed and filed. Starting with the 2004-2005 version, the PROFILE can only be filed online. Registration information will be available in the high school guidance offices or online at www.collegeboard.com At some schools the PROFILE will need to be filed with the College Board by late-December for regular decision applicants, so you may well need to file the PROFILE before you can even file the FAFSA.
Some schools require still other forms, all with their own deadlines; for example, many selective private colleges often have their own financial aid forms. To find out which forms are required by a particular college, consult the individual school's general information bulletin or the admissions/financial aid area of each school's web site. At most schools, the deadlines for financial aid will coincide closely with the admissions deadlines. So don't make the mistake of assuming you should wait to hear if you are accepted before you apply for financial aid. Since the demand for aid exceeds the supply, missing the financial aid deadlines can result in a significantly reduced aid package. If you cannot get the tax returns prepared in time to meet your earliest school's deadline for the FAFSA and/or the PROFILE, it is perfectly acceptable (and indeed desirable) to estimate your income figures on the forms so that you meet all the deadlines.
(Note: If you are an Early Decision applicant, you will most likely need to file the PROFILE and/or the school's own aid forms in the fall. If you are accepted, you'll get a tentative aid package usually in December or early January. You will then still need to file the FAFSA on a timely basis and possibly submit other paperwork (such as completed tax returns) before you will receive a final award for the year.)
