What You Must Know About The FAFSA Application … And Other Essential Steps In Applying For Student Financial Aid

In addition to the FAFSA, some private colleges require a CSS PROFILE. This will cost you money for each college listed, and is also filed with either CSS or ACT. If any of the colleges you're applying to also require a PROFILE, you should try to submit it around the same time as your FAFSA so you can have all the results at the same time.

The PROFILE will ask more detailed information than the FAFSA, as the two forms use different types of need analysis to determine an EFC. For example, the FAFSA, which uses something called Federal Methodology, does not factor in your home's equity in its calculations. The PROFILE, which uses Institutional Methodology, does ask about the value of your home.

Colleges that require the PROFILE therefore, can be expected to add about 5.6% of your home equity to the EFC calculated by your FAFSA. This amount will vary depending on the asset protection allowance your are given, which increases as the age of the older parent increases.

If any of your college choices require the PROFILE, be sure to submit it by the earliest deadline given. Two to four weeks after you do so, you will receive an Acknowledgement Report that will contain your fafsa EFC, and a second EFC calculated from the additional data elements you provided. This second calculation is called the Institutional Methodology, and colleges that require the PROFILE use this methodology when they award their own funds in conjunction with federal aid.

As a general rule, public colleges will only require the FAFSA. Many private colleges, with their higher sticker prices, will also usually require a PROFILE application. In addition, self-employed parents will most likely need to complete a Business/Farm Supplement, and divorced or separated parents will be required to file a Divorced/Separated Parent's Statement (which will be included in your PROFILE packet).

After you have submitted your financial aid forms - the FAFSA, the PROFILE, or both - each of the colleges that have accepted you will send you a letter containing your financial aid award. Most award letters will show you the schools total Cost of Attendance for the upcoming year, how much you and your family are expected to contribute (your EFC), and the amount and types of aid you have been awarded.

Most students who are eligible for aid receive funds from a combination of sources and programs, including grants, scholarships, tuition discounts, student loans, and college work study. For first-year students, financial aid award letters are sent with, or soon after, the letter of admission.

That, in a nutshell, is the process of applying for college financial aid. And because it can be a long and tedious process, many just want the process over with as fast as possible, and blindly go about completing their FAFSA and PROFILE applications.

Don't be one of them.

Blindly filling out your FAFSA and PROFILE aid applications can cost you thousands of dollars per year in lost financial aid! Before you submit your forms, take the necessary time to become an educated and informed financial aid consumer.

First off, there are many legal strategies you can apply to substantially increase the amount of financial aid you are qualified to receive.

Secondly, by simply filling out your FAFSA and PROFILE applications correctly, the first time, you substantially enhance the possibility of getting the most favorable aid package possible. A recent study indicated that more than 80% of the FAFSA and PROFILE forms submitted, contained some kind of error or mistake. And mistakes are one of the top reasons for getting less financial aid or even flat-out denial!

To give yourself the best possible chance of obtaining maximum funding for college, a recommended resource is "The No B.S. Guide To Getting Maximum College Financial Aid"

Details can be found at: www.college-financial-aid-secrets.com

©college-financial-aid-secrets.com