Applying for college is exciting, and understanding how to fund that journey is an important part of the process. Financial aid forms may seem overwhelming, but they’re your ticket to unlocking the financial support you need. I know that looking at all of these new terms and decisions you have to make can feel daunting. But, that’s why I’m here at CFAA! For high school juniors and seniors, now is the perfect time to dive into financial aid terms – and build a better understanding of them all. So, let’s decode the terms on the key forms and get you ready to go!
The FAFSA: Your First Step to Financial Aid
The Free Application for Federal Student Aid (FAFSA) is your starting point. It opens doors to federal grants, loans, and work-study opportunities. The good news? Filling out the FAFSA is easier than ever with online tools that guide you step by step. Just remember: the earlier you submit, the better your chances of getting the most aid. If you want to read some of my tips to prepare for the 2025-2026 FAFSA, check out recent blogs here!
The CSS Profile: More Aid Opportunities
Some schools require the CSS Profile in addition to the FAFSA. This form digs a little deeper into your family’s financial situation, helping institutions award additional aid. Though it may take a bit more time to complete, it’s worth it to maximize your financial aid package. Double check if your university or college wants the CSS Profile. If you don’t need to fill it out, don’t waste your time. But if you do, make sure it’s high on your list of things to do!
Know What You’re Signing
As you fill out these forms, you’re not just entering numbers; you’re making important decisions about your future. Take your time, review everything carefully, and don’t hesitate to ask for help. You’re taking control of your education, and understanding these forms is a huge step in the right direction.
Here’s a few terms that might come up on the documents:
- Expected Family Contribution (EFC): This is the amount your family is expected to contribute toward your education costs. It’s calculated based on financial information provided in the FAFSA or CSS Profile and helps determine your eligibility for need-based aid.
- Cost of Attendance (COA): This is the total estimated cost to attend a specific college, including tuition, fees, room, board, and other expenses. Knowing the COA helps you understand how much financial aid you may need.
- Grants vs. Loans: Grants are free money for college that you don’t have to repay, while loans are borrowed funds that must be repaid with interest. Always prioritize grants and scholarships before accepting loans!
- Subsidized vs. Unsubsidized Loans: A subsidized loan is a federal loan where the government pays the interest while you’re in school. An unsubsidized loan accrues interest from the moment it’s disbursed, meaning you’ll owe more after graduation. I have a more detailed blog on the differences here!
Financial aid can feel like a maze, but with these tools in your hands, you’re more than ready to navigate it with confidence. So, get started now—your future is waiting!
More about Jodi and College Financial Aid Advisors
Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.