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Financial Matters: The CSS/Profile
Beyond the FAFSA: Completing the CSS/Profile
While completion of the FAFSA is required to be considered for federal financial assistance, the CSS/Profile is required by individual colleges in order for applicants to be considered for institutional financial aid or awards that come from the college's own funds. Institutional aid can be a valuable source of financial assistance, so it is important to complete the CSS/Profile if you are applying to colleges that require it.
According to the College Board, over 300 colleges and universities require or accept the CSS/Profile as part of their financial aid process for some or all of their applicants. This includes a mix of private and public institutions, as well as some international schools.
Note that the CSS/Profile is a more detailed financial aid application than is the FAFSA, the only application required for federal financial aid.
To verify if a particular college or university requires the CSS/Profile, you can check their website or contact their financial aid office for more information.
When do I complete the CSS/Profile?
The CSS/Profile is available beginIng October 1 of the student's senior year. If planning to apply to multiple colleges and universities, be sure to check the deadlines for submitting the CSS/Profile. The deadlines vary from school to school, so it is important to start planning early.
What questions are required by the CSS/Profile?
The CSS/Profile asks applicants a variety of detailed questions about their financial situation. Broadly, these focus on:
- Income: applicant's and their parents' income, including wages, salaries, bonuses, investment income, and business income
- Assets: applicant's and their parents' assets, including cash, savings, investments, real estate, and businesses
- Expenses: applicant's and their parents' expenses, including housing, food, transportation, healthcare, and education
In addition to these general financial questions, the CSS/Profile also asks a number of family and education questions:
- Family composition: information about the applicant's parents, siblings, and other dependents
- Education costs: information about the applicant's expected tuition, fees, and other education costs for the upcoming year
- Financial aid: information about any financial aid that the applicant has already received or applied for
The CSS/Profile takes yet a deeper look into a family's financial situation:
- What was your adjusted gross income (AGI) for the most recent tax year?
- What is the value of your primary residence?
- What is the value of your other real estate holdings?
- What is the value of your investments?
- How much cash and savings do you have?
- How much debt do you have?
- What is your monthly mortgage payment?
- How much do you spend on food each month?
- How much do you spend on transportation each month?
- How much do you spend on healthcare each month?
- What other financial obligations do you have?
- How many people are in your household?
- How many of your siblings are attending college at the same time as you?
- What is your expected tuition for the upcoming year?
- What other financial aid have you received or applied for?
Personal and family finances:
- Retirement savings: Do you have a retirement savings account? If so, what is the current balance?
- Home equity loans: Do you have a home equity loan? If so, what is the current balance and interest rate?
- Vehicles: Do you own any vehicles? If so, what is the make, model, and year of each vehicle?
- Business ownership: Do you own any businesses? If so, what is the type and size of each business?
- Medical expenses: Do you have any significant medical expenses? If so, what are the estimated costs for the upcoming year?
- Additional educational expenses: Do you have any additional educational expenses, such as test preparation fees or tutoring costs?
- Income of non-custodial parent: If your parents are divorced or separated, you may be asked to provide information about the income of your non-custodial parent.
- Financial support from other sources: If you are receiving financial support from anyone other than your parents, such as grandparents or other relatives, you may be asked to provide information about the amount and source of that support.
- Unusual financial circumstances: If you have any unusual financial circumstances, such as a recent job loss or a medical emergency, you may be asked to provide additional information.
Whether or not to answer optional questions on the CSS/Profile is up to you. However, it is generally recommended to answer all of the questions that apply to you, as this will provide colleges with a more complete picture of your financial situation.
Financial support from sources aside from parents:
CSS/Profile applicants are required to report all of the financial support received from other sources for the current school year. This includes any support that you received from grandparents, other relatives, or anyone else. The CSS/Profile uses this information to help colleges determine your financial need and award you financial aid. By reporting all of your financial support, you are helping colleges to get a complete picture of your financial situation.
There are a few exceptions to this rule:
- Federal or state government grants or scholarships
- Work-study earnings
- Loans
- Gifts from friends or neighbors
If you are unsure about how to answer a particular question, contact the CSS/Profile customer service team for assistance.
Marla Platt, M.B.A. is an independent college consultant based in Sudbury, MA through AchieveCoach College Consulting, providing expert and personalized guidance to students and families throughout the college planning, search and admissions process. Marla is a professional member of the Independent Educational Consultants Association and can be reached via www.achievecoach.com
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