• Scholarship: Varies by scholarship These funds are given to, or earned by, students, and are to be used for college tuition. There are numerous public and private sources for scholarships. Some are given based on need, some on merit (grades) or skill. Others have very specific stipulations on who can receive the scholarship. 

• Grant: Varies by grant A grant is money given to students for their education. Often based on need, grants may come from federal or state programs, or sometimes from private charitable organizations. Like a scholarship, it does not have to be repaid. 

• Loan: Varies by loan Loans are obtained through banks, lending institutions or colleges. To qualify, students must be enrolled in a college degree program at least part-time. The loans may be subsidized (need-based, typically for low-income students), or unsubsidized (not need-based so any student can apply). Loans must be paid back with interest.

• A Net Price Calculator should appear on a college’s website, offering a place to enter a few financial variables and estimate what the cost of attendance would roughly be for a student. (Take advantage of these calculators—most students don’t actually pay full tuition price, and for some families, high sticker price private schools can end up being cheaper than moderately priced state schools.)

• Cost of Attendance Cost of attendance includes both direct costs and indirect expenses: Direct costs are those paid directly to the college and include tuition and fees, housing, and meal plan.

• Tuition or Cost Per Credit Hour Tuition is the amount you owe to attend college for classes and instruction.

• Private vs local vs institutional scholarships Each has pros and cons. For an in-depth walkthrough of each, head here.

• “Need blind” vs “need aware” some schools consider family finances as a factor in their application review (need aware), while others don’t (need blind). As students builds their list, it can be helpful to keep this difference in mind.

• FAFSA: US citizens and eligible non-citizens only The Free Application for Federal Student Aid (FAFSA) is the key that opens the door to all 3 types of financial aid, including the Pell Grant, which is up to $6,000 of free money to go to college! The FAFSA becomes available every October, and should be completed as close to October 1st as possible. Many colleges use this to calculate your Expected Family Contribution (EFC). Here’s our guide to completing the FAFSA, plus common mistakes.

• CSS Profile: Available to both US citizens and non-citizens The CSS Profile is used to assess your family’s income and assets to calculate your expected family contribution. And colleges use your expected family contribution to determine your financial aid package. The CSS becomes available every October and should be completed as close to October 1st as possible. The profile, developed and maintained by the College Board, is a more detailed look at a student’s/family’s finances that some schools (around 400 of them) use to determine financial aid eligibility. It’s like the FAFSA … but longer. 

Before you get started, note your schools’ CSS Profile deadlines. Many fall between Nov. 1 and March 31. Info about the CSS Profile can be found here: https://cssprofile.collegeboard.org/

1. Create a College Board account. You might already have one if you took the SAT.

2. Gather your financial documents. Having the following documents on hand will make filling out the application easier:

• Prior-Prior Year federal tax returns (2 years ago)

• W-2 forms or other records of income

• Records of untaxed income

• Bank statements

• Mortgage information

3. Records of savings, stocks, bonds and trusts. Register for the CSS Profile. This process includes filling in basic identifying information and selecting the schools where you want to send your CSS Profile. Your CSS Profile questions will be customized based on your answers during registration.

4. Complete the application. This takes roughly 45 minutes to two hours, according to the College Board. Many of the questions concern your parents’ finances. If they’re divorced or separated, have your custodial parent — the one you’ve lived with most in the past 12 months — complete those questions. If you lived with each parent for an equal amount of time, your custodial parent is the one who provided you with the most financial support in the past 12 months.

5. Have a parent complete the Noncustodial Profile, if necessary. This step only applies if your parents are divorced or separated and your school requires the Noncustodial Profile.

6. Find out whether you’re eligible for a fee waiver. The College Board automatically determines if you qualify for a waived application fee based on your responses. The waiver also includes the cost of sending your CSS Profile to up to eight colleges. Generally, you’ll qualify for one if you’re an incoming freshman and your family’s annual income is $40,000 or less.

MORE: How can I get a CSS Profile fee waiver? If you don’t qualify for a fee waiver, you’ll have to pay the $25 application fee before you can submit the form.

7. Submit the application. Check your work first. Once you submit it, you can’t change your answers electronically. If you need to correct your CSS Profile after you’ve submitted it, print out the application summary form, make your corrections and fax, email or mail it to your school’s financial aid office.

1. The FAFSA can be complicated. The best resource to use for prepping for, and completing, the FAFSA is https://studentaid.gov/h/apply-for-aid/fafsa 

2. You can get an estimated early estimate of aid using the FAFSA estimator. More information is found here: https://studentaid.gov/aid-estimator/