November 1, a big deadline in the college admissions process, has come and gone. Now many families may be asking, “Do we really have to fill out those financial aid forms?” The answer is most likely yes.

Who should apply for financial aid? According to Jeff Levy and Jennie Kent of Big J Consulting:

  • Anyone who believes they might qualify for need-based financial aid.
  • Anyone who thinks they may require financial aid at any point during the student’s undergraduate career. Some colleges will not consider a request for institutional aid in later years if the student did not submit the necessary forms when they first applied as a freshman or transfer student. Other colleges may require a waiting period of at least a full academic year for such students. If there’s any chance your financial situation might change, you should fill out the forms.
  • Anyone who expects to have two or more children in college at the same time, which could significantly lower the threshold for need-based eligibility. The FAFSA no longer uses the number of children in college as a factor in federal aid eligibility. But this sibling question remains on the form and is still asked on the CSS Profile, allowing colleges to use this data in calculating institutional aid.
  • Anyone applying for merit aid at institutions that require the FAFSA or CSS Profile for these awards. Although fewer than a handful of colleges require submission of these forms for merit aid, it is best to verify on each college’s website or with the admission office if either form is required. 

When should you apply for financial aid? As soon as possible, but certainly by the first financial aid deadline of the colleges you are applying to. Deadlines vary from college to college, so make certain you verify them. Missing a deadline could seriously impact a student’s ability to receive financial aid.

How should you answer the financial aid question on college applications? If a college asks if you plan to apply for aid and you intend to apply, answer “Yes.” Saying no because you think it may help your chances of admission may backfire. If you check “No” on the application, but you submit a FAFSA, a busy college financial aid office might just take you at your word on the application and assume you are not applying for financial aid. Likewise, if “Yes” is checked on the application, but a FAFSA isn’t submitted, your application may be considered incomplete and could be delayed or not processed at all.

Who should complete the FAFSA and the CSS Profile? Every institution requires the FAFSA from any student applying for need-based aid. The CSS Profile is required by 170 colleges, most of which are private. At these schools, the FAFSA is used to calculate a student’s eligibility for federal aid only. The CSS Profile is used to calculate a student’s eligibility for need-based aid coming directly from that institution. A list of colleges requiring the CSS Profile can be found here. It’s advisable, however, to check with each college’s financial aid office to be certain.

While the forms can be somewhat time consuming, leaving money on the table is much more costly. Discovery College Consulting recommends all families fill out the FAFSA and CSS Profile (if required) regardless of financial circumstances.