Formulas and Applying

Both the Department of Education and the College Scholarship Service apply "need analysis" formulas to the information your financial aid applications supply. These formulas, which were designed by congress and by the educational community, differ in important ways, but each estimates what amount your family can provide toward educational expenses in the upcoming year. If you are interested in reviewing these formulas, check the Department of Education and College Scholarship Service (College Board) Web sites. You can also find these formulas outlined in a variety of commercial publications available on newsstands.

Both the FAFSA and the PROFILE are available through guidance counselors' offices and both can be completed online. Either way, each form takes about an hour to 90 minutes to complete. You must complete and submit each form once every year. With each form, list all of the colleges to which you intend to apply. The Department of Education and the College Scholarship Service will take care of the rest by sending copies of your form to the institutions you have listed.

Divorced? The custodial parent must complete both the FAFSA and PROFILE. Some schools that require the PROFILE will also require that the non-custodial parent complete a Divorced and Separated Form. This document will be included in the PROFILE and should be submitted directly to the college or university. If it is inappropriate for the non-custodial parent to complete the form, or if he or she refuses, write to the school to request an exception to this policy. If the custodial parent has remarried, the stepparent must also complete the FAFSA. There are no exceptions. PROFILE schools will often require information on stepparents as well.