How Do I Apply for Need-Based Aid?

There are two need-based aid applications being used nationally, the Free Application for Federal Student Aid (FAFSA) and the College Scholarship Service's (The College Board) PROFILE. The FAFSA, as the application for all federal funds, is required by all institutions. Many institutions will require complete copies of your most recent tax and W-2 forms. The PROFILE, which is generally viewed as the application for private or institutional funds, is required by many but not all institutions. If you are applying to a college whose aid awards include significant levels of institutional funding, there is a good chance that the school will require both forms. If you are unsure as to which form(s) is required, check with the school or simply file both forms. You want to assure yourself access to all available funding, so don't take any chances.

The FAFSA and the PROFILE are essentially 1040 line-item referenced financial statements. If you have completed your most recent taxes, use the numbers from these to complete your applications. If your tax forms aren't available, estimate. You can correct any errors when your tax forms are complete, so don't miss an application deadline because you haven't finished with your taxes. In addition to collecting income and asset information, each form also collects demographic data including family size, parent age, number of students in college and other related information. You are also invited to provide each school with information on any extenuating circumstances that affect your family's ability to support educational expenses. Take advantage of the opportunity to provide this information by writing directly to the college you're considering. Don't be shy -- others will not be.