Financial aid basics

Sticker price vs net price

Net price is what you'd actually pay: the full cost of attendance minus grants and scholarships. Every college that takes federal aid must have a net price calculator on its website, so you can estimate your own price before you apply.

Grants, loans and work-study

Need-based aid depends on your family's finances. Merit aid depends on things like grades, scores or talent.

The FAFSA

The FAFSA is the free federal form for grants, loans and work-study, and many colleges and states use it too. The 2027-28 FAFSA opened on September 23, 2026, the earliest launch yet. It takes about 15 minutes on average, and parents can be invited by text or email to add their part.

It produces your Student Aid Index (SAI), a number colleges use to decide your aid. It isn't a dollar amount you have to pay. State and college deadlines are often much earlier than the federal one, so file as soon as you can.

The CSS Profile

Many private colleges also ask for the CSS Profile, a College Board form they use to give out their own aid. It costs $25 for the first college and $16 for each additional one. For U.S. undergraduates it's free if your family's adjusted gross income is under $100,000, if you got an SAT fee waiver, or if you're an orphan or ward of the court under 24.

Federal grants and loans in 2026-27

• Pell Grant: up to $7,395 a year for students with financial need (minimum $740).
• Federal Direct Loans for a first-year dependent student: up to $5,500, of which up to $3,500 can be subsidized (the government pays the interest while you're in school).
• Interest on new undergraduate Direct Loans: 6.52% (July 1, 2026 to June 30, 2027).

Free tuition at some of the most selective schools

Several of the richest universities cover costs for most families. For families with typical assets:

Harvard, Stanford and Princeton don't include loans in their aid packages, and MIT designs its aid so students shouldn't need to borrow.