Affording college isn’t luck; it’s a process you and your family can control. And the earlier you start, the more money you can keep. This year’s rules and timelines reward seniors who come prepared, file on time, and compare offers wisely. Follow the steps, and you unlock dollars that too many students leave on the table.
If you don’t know where to start, we’re here to guide you. Let’s get saving!
A quick map of the financial aid landscape
First, what exactly is financial aid? And how do you qualify (or apply) for it? For most students, there are two major application forms you’ll encounter:
- The FAFSA, aka the Free Application for Federal Student Aid: This is the federal form most colleges and states use to determine need-based aid (grants, loans, work-study). File as soon as it opens; some funds are limited.
- The CSS Profile, otherwise known as the College Scholarship Service Profile: This is a separate application used by hundreds of (mostly private) colleges to award institutional aid. If any school on your list requires it, treat that deadline as non-negotiable.
For undocumented students, it’s slightly different. You can’t submit the FAFSA, but many colleges offer alternative aid forms. Check school websites or your high school counselor for help.
For further reading, this article has a helpful breakdown of common financial aid terms and definitions.
Recent changes to the FAFSA
If you’ve read about the FAFSA before, you may have heard of the term EFC or Expected Family Contribution. As of last year, however, the old EFC number is gone. Now colleges use the SAI (Student Aid Index) to estimate what your family can pay. Here’s the biggest change: having more than one kid in college no longer lowers your SAI.
Here’s what else you should know about the recent FAFSA changes:
- SAI tends to go up with: higher income and money in non-retirement accounts (checking/savings, regular brokerage accounts).
- SAI can go down with: lower income, or big, unusual expenses you can document, and more dependents in the household (not the number in college).
| FAFSA counts… | FAFSA doesn’t count… |
| Checking and savings accounts | 401(k), 403(b), traditional/ROTH IRAs |
| Non-retirement brokerage accounts | Pension plans |
| Child support received | Primary residence home equity |
| UGMA/UTMA accounts | Life insurance cash value |
| Student-owned 529 plans | Grandparent-owned 529 plans (until used) |
Finally, before you move on: make sure names, Social Security numbers (SSNs), and birthdates are typed exactly right for every person on the form. Keep all recent tax forms and bank statements in one clearly labeled folder. Little mistakes can delay your aid, and some grant money is first-come, first-served.
At-a-glance: must-dos for every senior
If you’re looking for a general plan to keep you on track for college applications this year, download our 2025 Student Checklist for seniors.
For financial aid, make sure you do the following:
1) Prep IDs & docs:
Create FSA IDs for the student and each required contributor (parent/stepparent). Verification can take a few days.
2) Know your real costs:
Run the Net Price Calculator (NPC) for every college now, not after admission. If estimates don’t fit your budget, adjust your college list early.
3) Check institutional requirements:
If a school requires the CSS Profile, collect extra documentation to submit on time.
Who does what?
Student: Create your FSA ID, list colleges on FAFSA, run NPCs, track deadlines, and organize submission confirmations.
This article is a great resource for students beginning the financial aid process. As you get your materials together, keep a file to stay organized..
Parent/Contributors: Create your own FSA ID, compile official 2023 financial documents, and confirm who is the FAFSA custodial parent (the one providing more financial support, which may differ from the parent you live with most).
Not sure of where to start? This article provides a helpful overview of what’s coming for parents and guardians who are unfamiliar with the process.
Now is the time to lock in the plan and make sure you communicate clearly. To make sure everyone’s on the same page, add each college’s CSS/FAFSA and your state-grant deadlines to your calendar (with reminders two weeks and three days in advance).
Mastering the application process
Once you have your documents and IDs, you must navigate both federal and institutional applications to file on time and in order.
FAFSA: file immediately upon launch
Grant funding at some colleges and states is limited. Early filers are more likely to access funds that can run out. Confirm submission and watch for follow-up requests. After filing your FAFSA, you’ll receive a Student Aid Report (SAR) summarizing your submission. Review it for errors when you receive it.
Later, once you’re accepted to a college, you’ll get a financial aid award letter outlining your offer of grants, loans, and work-study. Use this official offer letter to compare your real costs.
Check for the CSS Profile requirement
The CSS Profile is more detailed and requires a few different things than the FAFSA. Meet each school’s posted CSS date to qualify for aid.
State aid deadlines: put these first
State grants often have earlier and stricter deadlines, especially for in-state public universities. Missing them can cut free grant dollars. You can use this FAFSA state deadline map to check your deadlines if you aren’t sure.
This counselor provides some additional pointers to get the most out of your FAFSA:
Verification and special circumstances
Don’t panic. If you are selected for verification, it just means the college needs additional documents to confirm your FAFSA. That doesn’t necessarily mean anything will change, but you do need to take it seriously and respond quickly; delays can hold up or reduce your final offer.
Common verification docs
- Tax return transcript or signed 1040 form
- W-2s/1099s
- Household size/dependency forms (if requested)
- Proof of untaxed income or assets (if requested)
Special circumstances (professional judgment)
If income changes (job loss, medical expenses, one-time income), ask the aid office how to submit a professional judgment request. This could help you get more support.
For example:
- Termination of a job or a reduced hours notice
- Last two pay stubs and the year’s earnings
- Medical billing statements or insurance paperwork
- Proof and explanation of one-time income and how it was used
Keep your aid next year
It’s not a one-and-done deal. You must maintain Satisfactory Academic Progress (SAP) and meet renewal deadlines.
Know your SAP rules:
- GPA: Minimum cumulative GPA (varies by college)
- Pace: Complete a set percentage of attempted credits
- Maximum timeframe: Cap on total attempted credits
You can find your school’s specific details by searching “[College name] SAP policy.”
Common mistakes to avoid
- Missing state grant deadlines (some are as early as March)
- Using incorrect SSNs or a mismatching name on the FAFSA
- Waiting for acceptance letters before running Net Price Calculators
- Assuming that the FAFSA is your only job (many colleges require more forms)
- Not reporting unusual circumstances to the aid office
In college (and before), one of the most important life lessons you can learn is how to be your own advocate.
If you do miss a deadline, still file the FAFSA/CSS as soon as possible. Some aid may still be available. Once you do, contact the college’s financial aid office to ask about late consideration.
In the meantime, what can you do? Apply for external scholarships while waiting, and revise your college list based on affordability and aid policies. Focus on what comes next.
Scholarships and more
Done with all that? Don’t stop at the FAFSA and CSS Profile! There’s a whole world of scholarships out there waiting for you.
- Local scholarships: Check with your high school counseling office, local community organizations, churches, and businesses. These often have less competition.
- National scholarships: Many large organizations offer scholarships based on academic merit, specific talents, leadership, or even unique hobbies. Websites like Fastweb and Scholarship.com are great places to start.
- School-specific scholarships: Once you’ve applied to colleges, check their financial aid websites. Many institutions offer their own scholarships that you might qualify for.
This student delves deeper into the world of college scholarships:
Avoiding scams: Be wary of any scholarship that asks for money to apply, guarantees you’ll win, or requests your bank account information upfront. Legitimate scholarships won’t do this.
College is within your reach
Financial aid can be a headache, but you’ve got this! From the major financial aid application forms to tips for the scholarship search, October is the time to get going on your college financial aid.
And if you need a little extra help, Empowerly counselors are there to walk you through it. If you want help pressure-testing your plan, book a quick review with an Empowerly team member. We want to help you achieve your best future.
