Key Takeaways
- Scholarships and grants do not need to be repaid. Loans do.
- FAFSA is free to submit and is the gateway to federal aid.
- FAFSA opens October 1 each year. Submit early.
- CSS Profile is required by some private colleges and may have a fee.
- Your financial aid package is a combination of multiple aid types.
Types of Financial Aid
| Type | Repaid? | Common Source |
|---|---|---|
| Scholarships | No | Colleges, organizations, governments |
| Grants | No | Federal, state, institutional |
| Work-Study | No | Federal and institutional |
| Federal Student Loans | Yes | Federal government |
| Private Loans | Yes | Banks, credit unions |
FAFSA: The Foundation of Financial Aid
The Free Application for Federal Student Aid (FAFSA) is the primary form used to determine eligibility for federal grants, work-study, and student loans. It is also used by most colleges and many state governments to award institutional and need-based aid. The FAFSA is completely free. You should never pay to submit it.
FAFSA Deadlines
The federal FAFSA opens October 1 for the following academic year. State and college deadlines may be earlier. Check your state and each college you are applying to for their specific cutoff dates.
CSS Profile
The College Board CSS Profile is a supplement used by many private colleges and some state institutions to award institutional aid. Unlike FAFSA, it may require a fee unless you qualify for a waiver. Some families must submit both FAFSA and CSS Profile.
Pro Tip
Start with FAFSA. It unlocks the most aid options. Then check if your target colleges require the CSS Profile. Submit both as early as possible to maximize your aid eligibility.
Need to Prepare for Deadlines?
FAFSA and scholarship deadlines come fast. Plan ahead:
- October to December: Submit FAFSA and CSS Profile as soon as they open.
- January to March: Many state and college scholarships are due. Watch your email for notifications.
- April to May: Financial aid offers arrive. Compare them carefully and respond by deadlines.