While the FAFSA Financial Aid Application is the quintessentially required form in the financial aid world, it’s not the only form you’ll be expected to fill out, especially if you are applying to any private colleges. Several hundred private colleges and some public colleges also require another form originated by the College Board, the CSS Profile: The College Scholarship Service Profile.
The profile is college specific, and is used to determine aid eligibility for non-federal financial aid, such as institutional scholarships and grants. This form tends to be more detailed than the FAFSA, and focuses on information needed pertaining to specific programs at each school. Having a separate form allows the school to ask more tailored questions.
Unlike the FAFSA, the CSS Profile is not free. The cost for filing your CSS Profile is $24 for the first college, which includes a $5 registration fee and $18 processing fee). There is an $18 processing fee for each additional college.
Deadlines: The FAFSA can be submitted beginning on January 1 (or first business day of the new year). The CSS Profile can be submitted prior to January 1.
Each financial aid application uses different needs analysis formulas. Among other differences, the methodology used takes into account home equity, and also assumes contribution from the student. The CSS Profile asks you to separate your income throughout the year by season, and requires detailed reports of your assets, medical expenses, tuition reimbursements, scholarships and family gifts. There also exists a Prospective Spouse Form if you plan to marry before October 2011.
Visit the College Board to sign up (if you don’t already have an account) and download the various CSS Profile forms.
No comments:
Post a Comment