FAFSA and CSS Profile 2027–2028: What Families Need to Know About College Financial Aid

For families preparing for the 2027–2028 academic year, financial aid should be part of the college planning process—not something left until after applications are submitted. Understanding which forms are required, when they become available, and how financial need may factor into the admissions process can help families avoid costly mistakes.

The 2027–2028 FAFSA

The 2027–2028 FAFSA (Free Application for Federal Student Aid) is expected to be available to all students and families on Ocftober 1, 2026. (Financial Aid Toolkit)

The FAFSA determines eligibility for federal student aid, including federal grants, work-study, and student loans. States and colleges may also use FAFSA information when determining eligibility for their own financial aid programs.

Why Completing the FAFSA Matters

To access federal financial aid, students must complete the FAFSA.

Even families who do not expect to qualify for need-based grants may want to complete it. Financial circumstances can change unexpectedly because of job loss, illness, divorce, or other significant events. Filing the FAFSA also preserves access to federal student loans and may be required for certain state or institutional aid programs.

Just as important, families should understand that financial aid deadlines vary by context. Colleges and states may establish priority deadlines that are considerably earlier than the federal FAFSA deadline. Always check the requirements for each college on the student's list.

A Note for Students Applying to Competitive Colleges

It is important to understand whether and how a college considers a family's ability to pay during the admissions process.

Need-blind colleges do not consider an applicant's financial need when making an admissions decision.

At need-aware colleges, however, a student's need for financial assistance may be considered as one factor in the holistic review process, particularly for some applicants.

Families applying to need-aware institutions should understand each college's financial aid and admissions policies before deciding how and when to apply for aid. 

The CSS Profile

The FAFSA is the federal financial aid application, but some colleges also require the CSS Profile to determine eligibility for their own institutional financial aid.

The College Board administers the CSS Profile, and it becomes available each year on October 1. Unlike the FAFSA, which is used for federal aid, the CSS Profile allows participating colleges and scholarship programs to collect more detailed financial information when awarding their own nonfederal aid.

Not every college requires the CSS Profile, so students should check each college's financial aid requirements.

Families with divorced or separated parents should pay particularly close attention. Some CSS Profile colleges require financial information from both the custodial and noncustodial parent. 

Important New Federal Loan Limits

Families should also be aware that significant changes to federal borrowing took effect July 1, 2026.

For most new borrowers, Parent PLUS Loans are now limited to:

• $20,000 per academic year per dependent undergraduate student

• $65,000 total per dependent undergraduate student

These limits apply across all parents borrowing on behalf of that student. Certain continuing students and borrowers may qualify for a limited exception to the new rules. (Student Aid)

Because Parent PLUS Loans previously could generally cover the remaining cost of attendance after other aid, these new caps make it even more important for families to understand what a college will actually cost—and how they plan to pay the difference—before a student commits.

Free FAFSA + CSS Profile Resources

I have created a free comprehensive financial aid guide that explains the FAFSA, CSS Profile, federal student aid, and many of the questions families commonly have during the process.

ClickHERE for information about:

• Completing the FAFSA

• Understanding the CSS Profile and how it differs from the FAFSA

• Common financial aid terminology

• Federal student loans

• What happens after you submit the FAFSA

• Frequently asked financial aid questions

Additional Free Resources

Click HERE for my comprehensive guide to the FAFSA, CSS Profile, federal student loans, and frequently asked questions.

You can also review Complete the FAFSA in 5 Easy Steps HERE.

Final Thoughts

College financial aid can feel complicated, but families do not need to understand every regulation or formula. What matters most is starting early, knowing which forms each college requires, meeting institutional deadlines, and understanding the financial implications of the colleges on a student's list before application and enrollment decisions are made.

Consider financial fit alongside academic, social, and personal fit throughout the college search—not after an acceptance arrives.

If you have questions about financial aid or any other part of the college application and admissions process, feel free to reach out to me at kathy@fineeducationalsolutions.com.