CSS Profile vs. FAFSA: How They Differ and Why You Might Need Both
When applying for financial aid for college, understanding the distinction between the CSS Profile and the FAFSA is crucial. Both are essential tools in securing financial assistance, but they serve different purposes and are required by different institutions. This guide will clarify their differences and explain why you may need to complete both.
What Is the FAFSA?
The Free Application for Federal Student Aid (FAFSA) is completed by current and prospective college students in the United States to determine eligibility for federal financial aid. This includes grants, work-study, and federal student loans. The FAFSA is required by all colleges and universities to assess a student’s eligibility for federal financial aid.
What Is the CSS Profile?
The College Scholarship Service (CSS) Profile is an online application used by many colleges and scholarship programs to award non-federal institutional aid. Administered by the College Board, the CSS Profile is used by private institutions to distribute their own funds, such as grants, scholarships, and loans.
Key Differences Between the FAFSA and CSS Profile
Purpose and Use
- FAFSA: Determines eligibility for federal financial aid, including Pell Grants, federal student loans, and work-study programs.
- CSS Profile: Used by participating colleges to assess eligibility for institutional aid, such as school-specific grants and scholarships.
Cost
- FAFSA: Free to complete.
- CSS Profile: Has a fee for the initial application and for each additional school, though fee waivers are available for eligible students.
Required Information
- FAFSA: Requires basic financial information, including income and tax returns.
- CSS Profile: Requires more detailed financial information, including assets, home equity, and non-custodial parent information if applicable.
Calculation Methodology
- FAFSA: Uses the Federal Methodology to calculate the Expected Family Contribution (EFC).
- CSS Profile: Uses the Institutional Methodology, which allows schools to consider additional factors like home equity and retirement savings.
Institutions That Require Them
- FAFSA: Required by all U.S. colleges and universities for federal financial aid.
- CSS Profile: Required by many private colleges and scholarship programs to assess eligibility for institutional aid.
Why You Might Need Both
If you’re applying to a college that requires both the FAFSA and the CSS Profile, completing both is essential to maximize your financial aid opportunities. The FAFSA determines eligibility for federal aid, while the CSS Profile assesses eligibility for institutional aid offered by the college.
Understanding the differences between the FAFSA and the CSS Profile is vital in navigating the financial aid process. Completing both applications ensures you are considered for all available financial assistance, both federal and institutional. Check with each college’s financial aid office to confirm which forms are required for your application.