<p>The FAFSA cannot be completed until at least Jan 1, 2007, is that right? How early can the income info be completed for the CSS Profile? If is before February '07 or so, the 2006 income listed is an estimate, as it would be for FAFSA. How does a school determine how much aid they'll be offering with ED if its too early for FAFSA and Profile? </p>
<p>I know, I know... a student shouldn't apply ED if financial aid matters. I'd like to know how it works, regardless. If accepted ED, the student is essentially agreeing to pay 100% of tuition, since there is no guarantee of need being met? If accepted ED, when does the school show you their offer of any aid?</p>
<p>To answer your question, it is typical of many ED plans to respond with acceptance, deferral or rejection sometime in December, usually during mid-month. It is also typical that within 2-3 weeks following the admission decision (late December to early January), you will receive an estimated award of financial aid from the college, based mostly on the CSS Profile form, if your college uses that. Soon thereafter, the ED school will want to have you send a deposit to confirm enrollment. </p>
<p>Most colleges will then want you to submit the FAFSA form as soon as you can in January - early February (for ED applicants). By late March or early April, upon evaluating all materials submitted (financial aid forms, Federal tax returns, W-2 forms), the student will then get a firmed up offer of financial aid. Again, because schools differ, it's best to check with the specific school's office of financial aid and/or office of admissions.</p>
<p>I guess we'll just dispense with the usual (and oft-voiced) caveats about applying ED and financial aid, eh? ;)</p>
<p>colleges even provide an estimated finaid award with the acceptance in mid-December. Of course, it is only an estimate based on your estimated Profile numbers.</p>
<p>And the estimated profile numbers are somewhat of a moot point since many (most?) schools don't claim to award anything close to 100% of need, yes? For example, our IM EFC is $0, and FM EFC is $15-$19k depending on cost of school. It looks like most schools (LACs anyway) use a combination of IM and FM.</p>