Susan Lutz, College Consultant

“We won’t qualify for anything.”

I hear this often from families as we discuss paying for college. Many assume that need-based financial aid consists only of federal Pell Grants or state assistance and that if their income is too high to qualify for those programs, there is no reason to complete the financial aid forms.

That is not always the case.

Colleges award financial assistance from several sources. For many students, the largest scholarships and grants in a financial aid package come directly from the college itself. Federal and state aid, when available, may supplement that institutional funding. Some colleges have significant resources reserved for institutional need-based grants, and their formulas for determining eligibility can vary. A family that does not qualify for a Pell Grant may still qualify for need-based assistance from a college.

So, should your family file the FAFSA? In most cases, yes.

The Free Application for Federal Student Aid (FAFSA) is required for students seeking federal financial aid, including federal grants, loans, and work-study. States and colleges may also use FAFSA information when awarding their own funds. Both the student and the required parent contributor must create StudentAid.gov accounts before completing the form.

Some colleges also require the CSS Profile. While the FAFSA determines eligibility for federal aid, the CSS Profile takes a more detailed look at a family’s income, assets, expenses, and financial circumstances. Colleges use that information to award their own institutional aid. The FAFSA and CSS Profile open October 1, but each state and college establishes its own priority deadlines. Those deadlines may be as early as the admission application deadline, so do not wait until applications are submitted to begin the financial aid process.

Before assuming you will not qualify, use the Net Price Calculator on thel colleges’ websites. These calculators provide an estimate—not a guarantee—of what your family might pay after scholarships and grants. Results can differ significantly from one college to another, even when the published costs look similar.

Finally, review the financial aid website for every college on your student’s list. Confirm which forms are required, note the deadlines, and watch for requests for additional documentation.

A thoughtful college list should be balanced in two ways: academically and financially. Students need a range of realistic admission possibilities, and families need a range of affordable options. Understanding the need-based process early helps everyone manage expectations around both admission and cost AND can prevent families from overlooking aid that may be available.