It's Almost October 1st: Let's Talk About Financial Aid

October 1st doesn't get nearly as much fanfare as August 1st in the college application world, but it probably should. It's the day the FAFSA opens for the 2026-27 academic year, and if financial aid is any part of how your family is thinking about college, today is the day to start paying attention! Even if you're not sure financial aid applies to you, keep reading. I'll get to that in a second.

First, a quick word on the "we probably won't qualify" instinct

I tell every single family I work with to complete the FAFSA, regardless of income. Many schools require it to be considered for merit aid and other scholarships that have nothing to do with financial need. Skipping it because you assume you won't qualify for need-based aid could mean leaving real money on the table. Just file it.

The two forms you need to know about

Most families will encounter one or both of these:

The FAFSA is the universal financial aid form required by every school. You'll need your 2025 tax returns to complete it, and it typically takes less than an hour. If your family has had significant changes in financial circumstances since then (job loss, divorce, large medical expenses), that's not something you address on the FAFSA itself. Those situations are handled through a direct appeal to the school after your student is admitted and receives a financial aid offer.

The CSS Profile is an additional form required by a few hundred schools (mostly smaller private colleges) that calculates institutional aid (money from the school itself, rather than the federal government). It opens 10/1 as well, requires more detailed financial information than the FAFSA, and can take 2-4 hours to complete. Only complete it if schools on your list actually require it. Here's the full list of participating schools.

One important note: some colleges also have their own institutional financial aid forms on top of these two. It's worth visiting each school's financial aid page directly to make sure you're not missing anything!

A few other things worth knowing

Before you sit down to file, it helps to have a realistic sense of what you might be expected to pay. Most schools have a Net Price Calculator on their website; it's worth running the numbers for schools on your student's list before aid letters arrive in the spring so you're not caught off guard.

Applying early matters too. Some school-based grants are awarded on a first-come, first-served basis, so there's no good reason to wait.

After you've filed, keep an eye on each school's application portal as they may request additional documents during their financial aid review. Eventually, each school will put together a financial aid award package outlining any grants, scholarships, work-study opportunities, and loans being offered.

Want a deeper dive on terminology?

If terms like SAI, need-based aid, merit aid, subsidized loans, or work-study are making your head spin, I've got a full glossary post here that breaks them all down. And as always: for anything more specific to your family's financial situation, a financial aid specialist or advisor is your best resource!

Good luck — and go file that FAFSA!