Understanding the differences between the FAFSA and CSS Profile can help you maximize financial aid and avoid costly mistakes.
As summer comes to an end, college application season quickly becomes a reality. Along with applications, essays, and campus visits comes another important step: applying for financial aid.
Most families know they need to complete the FAFSA. What often comes as a surprise is that many colleges—particularly private institutions—also require the CSS Profile.
Although both forms are used to determine financial aid eligibility, they serve different purposes and evaluate a family’s financial situation in very different ways.
Understanding the FAFSA and the CSS Profile before applications open can help families avoid surprises, meet important deadlines, and plan more strategically.
What is the FAFSA, and who uses it?
The Free Application for Federal Student Aid (FAFSA) is monitored and administered by the U.S. Department of Education. Nearly every college and university requires the FAFSA to determine eligibility for federal financial aid, and many also use it to award state and institutional aid. Additionally, the FAFSA is currently required in 13 states for high school students to receive their diplomas.
Based on the information provided in the FAFSA, it produces a Student Aid Index (SAI) number, formerly called the EFC. This number is used by schools as a guide when awarding aid. The FAFSA can be completed and submitted free of charge at studentaid.gov.
What is the CSS Profile and who uses it?
The College Scholarship Service (CSS) Profile is administered by the College Board and is used by approximately 400 colleges, universities, and scholarship organizations to award their own institutional financial aid.
Unlike the FAFSA, the CSS Profile takes a much deeper look at a family’s financial circumstances, allowing colleges to evaluate factors that the FAFSA does not consider.
For families with annual incomes over $100,000, there is currently a fee to submit the application—$25 for the first school and $16 for each additional school.
Key differences
The most noticeable difference between the two applications is the amount of financial information they collect.
The FAFSA is designed to be relatively streamlined, using the Federal Methodology. It focuses primarily on parent and student income, basic assets, and household information.
The CSS Profile, using the Institutional Methodology, goes much further. The CSS Profile will ask about:
• Home equity
• Business assets
• High medical expenses
• Private school and college tuition for siblings
• Non-custodial parent finances
• Other special financial circumstances
While the FAFSA excludes primary home equity, The CSS Profile may include it. How home equity is weighed in the CSS Profile depends on the school. Some colleges may consider 100% of home equity as part of parent assets, and others may not count it at all. Continued…
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FAFSA vs. CSS Profile: What Every Family Needs to Know Before Applying for Financial Aid