
Can you believe we are in the second week of September already?!? If you are a senior, now is the time to start thinking about whether or not you will apply for needs-based financial aid for the 2025-26 school year. If you do plan on applying you will need to start getting your required forms ready for submission. Remember the required forms and deadlines vary by school and it is the students and parents responsibility to keep track of this information.
You should also know whether or not the school(s) you are applying to require the CSS Profile to be submitted (this will become available on October 1, 2024). You can find a list of schools who require the CSS Profile here, but it is always good to check with the institution itself.
Here are some common questions I get regarding the FAFSA:
Who should apply for financial aid?
-Anybody who thinks they may qualify for need-based aid at any point during their undergraduate years. Some colleges may impose a one-year waiting period on students who require need-based aid in later years and did not apply as an incoming freshman. Others may disallow institutional aid for all four years. You never know when an unexpected financial event may occur so it is always best to plan for the worst-case scenario.
-Anyone applying for merit aid at institutions that require the FAFSA or CSS Profile for consideration for such awards.

Is there a disadvantage in applying for financial aid?
-Well, sometimes it could be a disadvantage. It is important to remember that higher ed institutions are businesses that try to meet net tuition revenue goals. In the final stages of building a class, an applicant with moderate to substantial financial need may lose out to an applicant with no projected need.
-This does not mean that full-pay applicants always receive an advantage. Each year colleges admit the best freshman class, not the least expensive.
Who should not apply for financial aid?
-If the sticker price is not a financial burden, and you are confident there will be no significant financial hardships during the undergraduate years, then there is no reason to submit the FAFSA or the CSS Profile.
Don’t some states require the FAFSA?
-Yes, about a dozen states have already enacted such laws, and others are considering it. But parents can easily opt out.

Anything else important to know before we decide whether to apply for FAFSA?
-Yes, for U.S. citizens and eligible non-citizens, the biggest factor in need eligibility is the parent and student Adjusted Gross Income (AGI), located on line 11 of the U.S.federal tax form 1040. It is important to know the income that is looked at is from the two years prior to the year the student will enroll in college. For example, if the student will be enrolling in August 2025, the tax year the FAFSA and CSS Profile will be looked at is 2023.
-Parent and student assets are the second most important factor. Reportable assets include savings and checking accounts, investment accounts, real estate (equity in the primary home is excluded from the FAFSA but included on the CSS Profile), and the net worth of a family farm or business. Assets excluded from both forms are qualified retirement accounts, art, jewelry, furniture, and cars.
-There is no requirement to list all the student’s colleges on the FAFSA or CSS Profile, just those to which you are applying for need-based aid.
If you need any help determining whether or not you should apply for financial aid or need direction on how to apply, reach out to me today at info@atozeducationalconsulting.com or 612.735.1261.
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