If you are planning to be considered as a ‘FULL PAY’ (which may help with colleges that practice ‘need-aware’), then STOP reading. But remember, this is a 4-year process in which you are establishing a precedent.
For those planning on filing for financial aid, the FAFSA (Free Application for Federal Student Aid) and, if required by your student’s colleges, the CSS Profile, are now open for students graduating high school in spring 2026 and starting college in fall 2026:
Complete the 2026–2027 FAFSA
That FAFSA will use 2024 tax year income information (the “prior-prior year” rule)
Here are some important reminders:
Make sure that your child has answered Financial Aid related questions on their application that match your filing behavior.
Some colleges award a FAFSA filing grant. In these cases, the FAFSA must be filed by a specific deadline to qualify—don’t miss out.
Filing helps, even if you don’t expect to qualify for need-based aid. Families with high Student Aid Index (SAI, formerly EFC) may still want to access Federal Student Loans, which are only available by filing the FAFSA. Some parents also value their student having a financial “stake” in their education through these loans.
Life happens. If a parent loses a job, passes away, or financial circumstances change suddenly, it is much easier and faster to receive aid if a FAFSA is already on file.
Having a FAFSA on file signals to the college that cost matters and allows them to contextualize your situation. A high SAI may not reflect your full picture, but without a FAFSA colleges cannot take circumstances into account.
FAFSA filing may open eligibility for certain institutional awards. Even if these are not need-based, some colleges may withhold them if no FAFSA is on file.
Aid appeals require a FAFSA. Families cannot appeal for reconsideration or discuss award comparisons unless a FAFSA is on file.
See my previous emails for more details.
Helpful links for completing forms:
FAFSA Tutorial – Federal Student Aid
CSS Profile Tutorial – College Board
Most important — Review the Financial Aid website for each of your student’s colleges for school-specific requirements and deadlines.
FINAL NOTE: If your 2024 taxes differ significantly from your upcoming 2025 taxes, and you anticipate needing to appeal a college’s financial aid package in spring 2026, it is wise to plan to have your 2025 taxes filed with the IRS early in 2026. Having both years (2024 and 2025) available will provide the strongest documentation to support a financial aid appeal.