AdmissionSophomore YearLearn financial aid basics

Learn financial aid basics

Begin understanding financial aid basics including creating FSA IDs researching EFC and understanding FAFSA vs CSS Profile

Sophomore Year
March
FinancialAid
Medium Priority

Step-by-Step Guide

Overview

Understanding financial aid now helps you make informed decisions about colleges and avoid surprises later.

Key Concepts

Types of Financial Aid

| Type | What It Is | Repayment | |------|------------|-----------| | Grants | Free money (need-based) | None! | | Scholarships | Free money (merit or need-based) | None! | | Work-Study | Part-time job during college | Earn as you go | | Loans | Borrowed money | Must repay with interest |

Sticker Price vs. Net Price

  • Sticker Price: Published cost of attendance
  • Net Price: What you actually pay after aid
  • Net price varies by family income!

FAFSA Basics

What Is It?

The Free Application for Federal Student Aid - required for most financial aid.

Key Timeline

  • Opens October 1 each year
  • California priority deadline: March 2
  • File as early as possible!

FSA ID

You'll need an FSA ID account:

  • Create at studentaid.gov
  • Both student AND parent need separate accounts
  • Create them now to be ready!

Net Price Calculators

Every college has a calculator estimating your actual cost:

  • College Net Price Calculator
  • Found on each college's financial aid website

Helpful Resources

  • Federal Student Aid

Task Details

Assigned to: Parent
Best time: March
Week: 2

Track Your Progress

Create a free account to track all 374 admission tasks with personalized deadlines.

Related Tasks

Use net price calculators

Junior Year

Set up payment plan

Senior Year

Submit selective summer apps

Sophomore Year

Verify financial aid received

Senior Year

Complete institutional aid apps

Senior Year