College Counseling Blog | The Dunham School, Baton Rouge, LA

Unlocking College Grants & Aid: Your October Financial Launch Plan

October 2026

With applications well underway, October shifts the focus from applying to college to paying for college. The 2027–28 Free Application for Federal Student Aid (FAFSA) is open, and the CSS Profile is scheduled to open on October 1, 2026. Because state aid and institutional scholarship pools operate on limited funds awarded on a rolling basis, filing early gives your family the best opportunity to maximize financial assistance.

Primary Financial Aid Applications Compared

Most financial aid options—including federal grants, work-study programs, state aid, and private institutional scholarships—begin with two primary applications.

Step-by-Step Financial Aid Roadmap

• Step 1: Set Up Account Credentials Early: The student and all contributing parents or legal guardians must create individual account credentials (FSA IDs) at StudentAid.gov. Account identity verification with the Social Security Administration may take 1 to 3 business days, so complete this step before filling out the form.
• Step 2: Collect Required Documentation: Gather 2025 federal tax returns, W-2 forms, untaxed income records, bank account statements, and current investment account balances.
• Step 3: Complete and Submit the FAFSA: When prompted, use the direct tax transfer process to import federal income data into the FAFSA. Add every college you’re considering to your list, so financial aid offices receive your data automatically.
• Step 4: File the CSS Profile (If Applicable): Check whether your target institutions require the CSS Profile. For families with divorced or separated parents, check individual institutional policies regarding non-custodial parent documentation requirements.
• Step 5: Review Submission Summaries: After you have submitted, log in to check your FAFSA Submission Summary and review your Student Aid Index (SAI). Respond promptly if a college financial aid office flags your application for financial verification.

Essential Document Preparation Checklist

• Social Security Numbers or ITINs for student and parent contributors.
• 2025 IRS Federal Income Tax Returns and W-2 statements.
• Records of Untaxed Income (e.g., child support received).
• Current Account Balances for cash, savings, and checking accounts.
• Net Worth Statements for real estate, business assets, and investments (excluding primary home value for FAFSA).
• List of College Names & School Codes where applicant data should be transmitted.

Common Terms You Need To Know

• SAI (Student Aid Index): A score calculated from your FAFSA that colleges use to measure your financial need. Lower numbers mean higher aid eligibility (replaces the old EFC).
• COA (Cost of Attendance): A college’s estimated total cost for one year, including tuition, housing, food, books, and personal expenses.
• Gift Aid (Grants and Scholarships): Free money that does not need to be repaid. Grants are typically need-based, while scholarships are typically merit-based.
• Subsidized Loans: Need-based; the government pays accruing interest while you are in school.
• Unsubsidized Loans: Non-need-based; interest begins accruing immediately.
• Federal Work-Study: A program funding part-time, usually on-campus jobs for students with financial need to help cover everyday living expenses.
• Financial Aid Offer (Award Letter): An official document from a college detailing the exact mix of grants, scholarships, loans, and work-study offered for the school year.