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Financial aid is the gap between a college’s cost of attendance and what your family can pay. It comes from three places — the federal and state government, the college itself, and private scholarships — and each one has its own form, deadline, and rules.
The FAFSA opens October 1 for the following award year, and most application deadlines cluster between November and February. Verify state and college dates — they are often earlier than the federal one.
| When | What happens |
|---|---|
| October 1, 2026 | FAFSA opens for the 2027–28 award year (uses 2025 tax-year income) |
| November 1–15 | Early Decision / Early Action deadlines — many colleges require aid forms with the application |
| January 1–15 | Most Regular Decision deadlines; institutional aid priority dates often match |
| February | CSS Profile priority deadlines at many private colleges |
| May 1 | National reply date — compare award letters and deposit |
| June 30, 2028 | Federal deadline for 2027–28 aid (state and college deadlines come first) |
Sort every offer into these five buckets. Two are free money, one is earned, and two must be repaid — that distinction matters more than the total dollar figure.
| Type | Who it comes from | What to watch |
|---|---|---|
| Grants | Federal, state, and college grants for students with financial need | Usually need-based and do not need to be repaid, but most require the FAFSA and many require full-time enrollment |
| Scholarships | Merit, need, identity, major, or state-based awards from colleges and outside organizations | Free money, but check renewal requirements — GPA minimums and enrollment rules can cost you the award later |
| Work-study | Part-time campus or community jobs funded through federal work-study | Earned wages, not a discount; the award is a limit on how much you can earn, not cash up front |
| Federal student loans | Subsidized (need-based) and unsubsidized loans in the student’s name | Must be repaid. Subsidized loans do not accrue interest while you are enrolled at least half time |
| Parent PLUS loans | Federal loans parents can borrow for a dependent student’s costs | Must be repaid by the parent; compare the rate and total cost before using it to fill a gap |
Tuition, fees, housing, food, books, and an allowance for travel and personal costs — not just tuition.
The FAFSA produces an SAI, which replaced the EFC. It is an eligibility index, not an invoice — a lower SAI generally means more need-based aid.
Cost of attendance minus your SAI. Colleges then decide how much of that need to meet — some meet it fully, many do not.
The SAI is not a bill and not a promise. Each college applies its own formula, budget, and packaging policy, which is why two schools can offer very different aid for the same family.
The questions families ask most often about paying for college
The FAFSA is the Free Application for Federal Student Aid. It is free to file and it is how you become eligible for federal grants, federal work-study, and federal student loans. Many states and colleges also use it for their own aid. The form currently open is for the 2027–28 award year and opened October 1, 2026.
Net price is the cost of attendance minus grants and scholarships — the amount your family actually pays, before loans. Compare net price, not sticker price or the headline aid total, because a large aid package made mostly of loans is not a discount.
Yes. You file a new FAFSA for each award year, and colleges use it to recalculate your aid. Renewal is usually faster because your FSA ID and most information carry over, but you must update income and household details each time.
Sometimes. Federal rules allow colleges to reduce need-based aid when outside scholarships exceed your need, and many colleges reduce loans or work-study first. Ask each aid office how it treats outside awards before you accept one.
The SAI replaced the Expected Family Contribution (EFC) as the number colleges use to measure financial need. Colleges subtract your SAI from the cost of attendance to estimate your need. It is an eligibility index, not a bill — and it can be negative for the highest-need families.
You can still file the FAFSA after the priority date, but some aid is first-come, first-served — state grants and campus work-study funds can run out. If you miss a college priority deadline, call the financial aid office and ask what is still available and whether you qualify for an appeal.
Average net price after grant aid, median earnings, and admission data for every school in the catalog — then compare your own list side by side.