Financial Aid for Senior Parents
Notes from our Financial Aid and Scholarships presentation on October 1st, 2026
Financial Aid: Key Steps for Families of the Class of 2027
A couple of weeks ago, we held a presentation on financial aid for families of the Class of 2027. Whether you attended or are reviewing the information now, here are the most important points to keep in mind as you prepare for the financial aid process.
Understand the two main forms
The FAFSA (Free Application for Federal Student Aid) is used to determine eligibility for federal student aid and may also be required by colleges for their own aid programs. The 2027–28 FAFSA is available at studentaid.gov. It is free to complete. Be sure to use the official site.
Some colleges also require the CSS Profile, administered by the College Board, to award institutional aid. Check each college’s financial aid website to see whether it requires the FAFSA, CSS Profile, or both. The CSS Profile has a fee for some families, and eligible applicants can receive fee waivers. You can find it at cssprofile.collegeboard.org.
Even if you do not expect to qualify for need-based aid, check each college’s requirements before deciding which forms to complete. Requirements vary, and some colleges use financial aid forms when considering students for institutional scholarships.
Start with the accounts
Each student and required parent contributor needs their own StudentAid.gov account. Set these up as soon as possible so you are ready to complete the FAFSA. Contributors will be asked to provide consent for the transfer of federal tax information from the IRS.
The CSS Profile may ask for more detailed financial information than the FAFSA. Families should gather tax returns, income records, and asset information before starting.
Check deadlines college by college
No single deadline applies to every college. Each college may set its own priority deadline, and scholarship deadlines may be different from financial aid deadlines. State deadlines may also apply.
Make a list of the colleges on your student’s application list and check each one’s financial aid website. Submit required forms as early as possible, and follow each school's instructions.
Look for merit scholarships
Merit scholarships may be awarded automatically or require a separate application, additional materials, or an essay. Some colleges also tie scholarship eligibility to the date you submit your admission application.
Search each college’s website for its merit scholarship opportunities and note any separate requirements or early deadlines. Prioritize any scholarship applications that require essays or additional materials.
A note about financial aid decisions
Families have different financial circumstances, and colleges have different policies. If you are unsure whether to apply for need-based aid or which forms to submit, review each college’s instructions and contact its financial aid office with questions. Completing the FAFSA does not require a student to accept federal loans.
Helpful official resources
Please reach out if you have questions about identifying your colleges' requirements and deadlines. A separate post will cover applicant portals and what to do after submitting college applications.
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