🏦 Financial Aid

FAFSA

‼️ Heads up

• October 1, 2025: The FAFSA opens for students attending college in 2026-27.
• The FAFSA may or may not be due on the same date as the college application–it varies by school.
• Always check a college’s financial aid page to see when the FAFSA is due.

What is the FAFSA?

The FAFSA (Free Application for Federal Student Aid) is the federal government’s primary financial aid form. It collects information about a student’s and their family’s income, assets, and household size to determine eligibility for need-based aid such as Pell Grants, work-study, subsidized loans, and some state grants and college grants.

The FAFSA requires parent financial information to calculate the family’s Student Aid Index (SAI), a number that helps determine eligibility for federal and institutional aid. Submitting the FAFSA is the key step that opens the door to most forms of financial aid.

About the Student Aid Index (SAI)

The SAI used to be called the Expected Family Contribution (EFC). While the SAI is the federal government’s formula-based measure of your ability to pay for college, it is not the same as your actual bill. Colleges have their own formulas to determine what they expect you to contribute. (Confusion about “expected” in this regard is why they changed the name from EFC to SAI.)

Note that at any time, you can use the Federal Student Aid Estimator to get a quick estimate of your SAI and options for federal aid. It’s not binding, but is typically accurate unless your FAFSA answers differ from those provided to the estimator.

Financial Need

For federal aid purposes (known as Federal Methodology), financial need is defined as:

Cost of Attendance - Student Aid Index = Financial Need
COA - SAI = NEED

So if the cost of attendance (COA) at UMass Amherst is $38,455 and your Student Aid Index (SAI) is $20,000:

$38,455 - $20,000 = $18,455 of need remains

This number is used to establish eligibility for federal aid programs. Colleges may or may not offer enough financial aid (grants, scholarships, etc.) to meet that need, and they may define “need” differently when awarding their own institutional aid.

FAQ

Which parent fills out the FAFSA when parents are divorced?

From Reporting Parent Information:

If your parents are divorced, separated, or never married, and don’t live together, the parent who provided more financial support during the last 12 months is the contributor and must provide their information. If both parents provided an equal amount of financial support or if they don’t support you financially, the parent with the greater income and assets is the contributor and must provide their information.

Should I include retirement accounts on the FAFSA?

No. Retirement savings are not counted as assets on the FAFSA. Including them is a common mistake, and it can make your family appear to have more available resources than you really do. This could reduce your eligibility for need-based aid.

From What do I include in my current total of cash, savings, and checking accounts on my FAFSA form?:

Don’t include student financial aid or retirement plans (401[k] plans, pension funds, annuities, noneducation IRAs, Keogh plans, etc.) in your account balances.

Note that the CSS Profile does ask about retirement accounts. (Though most, if not all, colleges do not use this information in their financial aid formulas.) But the FAFSA does not.

How to fill out the FAFSA

CSS Profile

‼️ Heads up

• October 1, 2025: The CSS Profile opens for students attending college in 2026-27.
• Not all colleges require the CSS Profile. Many private colleges—especially selective ones—do, while most public colleges do not. There are exceptions, however, particularly at some selective public universities.
• The CSS Profile is often–but not always–due on the same date as the college application.
• Always check a college’s financial aid page to see if the CSS Profile is required and when the CSS Profile and FAFSA are due.

What is the CSS Profile?

The CSS Profile (College Scholarship Service Profile) is a financial aid application used by many private colleges and universities (and a few public ones) to award their own institutional aid. Unlike the FAFSA, which is free and used for federal and state aid, the CSS Profile is run by The College Board and requires a fee. (Waivers are available under certain circumstances.)

The CSS Profile collects more detailed information about a family’s income, assets, and expenses—sometimes including items such as home equity or small business value. Colleges use this fuller financial picture in their Institutional Methodology, a school-specific formula that determines eligibility for institutional grants and scholarships. Because the institutional methodology can differ from the FAFSA’s federal methodology, your calculated “need” may vary from school to school.

How to fill out the CSS Profile

Resources

• College Affordable webinars from 2024-25. College Affordable is a nonprofit with whom Salem High School has partnered that educates and advises families on college finances.
• College Aid Pro webinars (YouTube). College Aid Pro offers a software platform for researching colleges with financial aid context, including cost estimates and aid profiles by school.

🚧 More to come soon!