Financial Aid 2017: FAFSA & CSS Profile Explained
Navigating the complexities of college financial aid can seem daunting, but there are many resources available to help explain the process. A Forbes article provides a comprehensive overview of the need-based financial aid application process. The article explains the similarities and differences between the Free Application for Federal Student Aid (FAFSA) and the CSS Profile. The FAFSA is the most commonly required form that determines whether or not a student is eligible to receive federal financial aid. The CSS Profile may be required in addition to the FAFSA, often by elite private colleges. The CSS Profile is more extensive than the FAFSA and requires additional financial information. Once the FAFSA and CSS Profiles are submitted, a student’s Expected Family Contribution (EFC) is calculated. The article describes how the EFC is formulated considering both need-based aid and merit aid. A quick reference EFC table is also included in the article, allowing parents to get a sense of their expected yearly contribution. Regardless of family income, it’s always worth it to take the steps to get an estimate on need-based aid. You can read the full article here. Do you have additional questions about financial aid? Contact Hughes College Prep to discuss the process of applying for financial aid and understanding the awards.