As the health and economic pandemics continue to swirl, another college financing season is about to begin. While the process is always onerous, this year, many families will need to send extra documentation highlighting any changes to their financial condition as a result of the pandemic (or any other reason). It’s important to remember that many of the forms that grantors and lenders require — including the all-important Free Application for Federal Student Aid, or FAFSA — are based on 2019 tax returns and financial statements, which are not going to capture the impact of COVID-19.
For those who have seen a drop in income or assets, including those who are already enrolled, you will need to follow up all formal applications directly with each school to which the student is applying in order to submit your case to “professional judgment.” This is a process where the family highlights “unusual situations or circumstances that impact your federal student-aid eligibility.” The financial-aid administrator at each college has the discretion to override the normal outcome on a case-by-case basis, which may result in additional grants.
Regardless of your situation, the process begins with the completion of the FAFSA, which determines how much students and their families will receive in college grants, scholarships and loans. It is available on Oct. 1 for academic year 2021-22. According to the Department of Education, which administers the FAFSA program:
In addition to FAFSA, there is another step to take. Also on Oct. 1, log on to the College Board’s CSS/Financial Aid Profile, which is used by nearly 400 colleges, professional schools and scholarship programs to award non-federal aid. The CSS requires more work, because it is a more detailed accounting of the family’s finances, but it could be worth it, as the CSS distributes about $9 billion in awards.
Important note: You should submit both the CSS and the FAFSA as early as possible, because some money is awarded on a first-come, first-served basis.
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Jill Schlesinger, CFP, is a CBS News business analyst. She welcomes comments and questions at askjill@jillonmoney.com.
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