This is the week that parents of high school seniors start to panic…not

because they may have a post high school senior living at home next year, but

because the financial aid forms deadlines begin in about 10 days.

The most common financial aid forms are the FAFSA, the Free Application for

Federal Student Aid found at www.fafsa.ed.gov, and the CSS Profile, accessed

through the Collegeboard website. Also check each college website to

determine if they may have a college specific form as well.

The FAFSA is free to submit, no charges unlike applications for college. The

CSS Profile, however, charges a fee for the form and then an additional fee

for each college that is listed on this form.

Both forms collect data on family income and assets, using an algorithm to

determine how much money a family can afford to pay for college. In the case

of the FAFSA, this number is called an EFC, or Expected Family Contribution.

You can find this number on your SAR, Student Aid Report, which is generated

after the FAFSA is processed. You do receive a tentative EFC when the FAFSA

is submitted, but this number is not "for sure" until the data has been

checked by the central processor, the Social Security Administration, and

Homeland Security database among other checks.

The CSS Profile also collects data on a family business, home equity, and

retirement accounts. This additional information is used to determine the

financial health of the family. Both debt and saving for retirement is

considered in the CSS Profile calculations. The colleges and universities

that use this form can create an "Institutional EFC" or make adjustments

to the FAFSA generated number.

Four important things that will make completing these forms a lot less

painful are:

1. Collect the data first. Collect all the information you have about income

(most recent tax forms) and assets (savings accounts, checking accounts,

brokerage statements, etc.). For the CSS Profile add information on your

mortgage including purchase date and amount, car loans, medical costs, dental

costs, and any private school costs.

2. Set aside a few hours to complete these forms. Be sure you have some quiet

time with no distractions…pretend you are studying for a test.

3. File the forms as soon as you can. Even if you don’t have 2010 taxes

completed, you can still file these forms in January. On the FAFSA, you will

choose "will file" on the drop down menu when questioned about taxes and

then use the 2009 tax numbers. For the CSS Profile, just use the 2009 tax

information.

4. Don’t fudge the numbers. Your listed colleges will request copies of

your 2010 tax information. If the numbers are drastically different, the

schools may ask for an explanation.

These forms are confusing, frustrating, and just plain no fun. But with some

patience and good advice, you can complete these forms placing your student

in line to receive any aid for which they are eligible. Bottom line—no

forms, no money; late forms—less money.