As November rapidly approaches, so do early decision (ED) and early action (EA) deadlines at many colleges you might be thinking of applying to. For those unfamiliar with these terms, early decision is an application process by which the student applies to one college, and if accepted, is legally obligated to attend. Early action is a similar process in which the student applies by an earlier deadline than the regular admissions cycle – you apply to an unlimited number of colleges and then are not obligated to attend them if accepted. Therefore, applying early action gives you more options when it comes to choosing a school. Some of the most common ED and EA deadlines are Nov. 1st, Nov. 15th, and Dec. 1st. 

But what do these earlier application deadlines mean to the financial aid process?

First and foremost, it’s important to remember there are 3 possible forms to file during the financial aid process: the Free Application for Federal Student Aid (FAFSA, required by all schools offering federal aid), the CSS Profile (required in addition to the FAFSA by roughly 250 colleges), and an institutional form (this is a form created and used by a college or university ). The student should visit the college’s financial aid webpage to see what forms the school requires.

Once the student knows which forms are required they can take the next step. If the college only requires the FAFSA, they will not need to fill out any financial aid information until after January 1, 2010 which is when the FAFSA becomes available.

If the school requires either a CSS Profile or an institutional form, it is possible these forms may need to be filed in the Fall during the application process. This is because if a student is applying to a college as an ED or EA candidate, the school wants to be able to award an estimated financial aid award to the student. This is done so the family will be able to make an earlier decision as to whether or not that particular college will be affordable for them. If they determine it will not be affordable it allows the student to withdraw early enough for the school to open that space up for a regular admission applicant.

Deadline information is usually posted on the college’s financial aid page with instructions on what form to file and when to file it based on how the student is applying to the college (ED, EA, regular). Once you have filed any of the required other forms, wait until after January 1 and then file the FAFSA before the college’s FAFSA deadline.

To see a complete list of colleges that require the CSS Profile, click here. Remember, if you are applying ED or EA to any of the schools listed, check the college’s website to find out their deadline for filing the CSS Profile, because it may be right around the corner.

If you find one of your schools does require the CSS Profile and you and your family are overwhelmed with what needs to be done, the Center for College Planning will be hosting a CSS Profile completion workshop on November 11th from 5-6:30 p.m. We will tell you what information to bring, and then our CCP counselors will walk you through filing the form here in our offices. You can register for that workshop by clicking here.

If your family would like help with the 2010-2011 FAFSA, the Center for College Planning is already scheduling appointments for January 2010, so feel free to call 1-888-7-GRADUATE x119 to schedule your appointment.

Figuring out the Financial Aid Forms,

Rich