I Submitted The Css Profile What Happens Next
Keep an eye on the status of your CSS Profile by logging in to your College Board account. Thats where youll receive notifications about any additional information you need to submit including any documents or bank statements. Also, add schools to your profile through the College Board dashboard, even after youve already submitted the application.
When Is The Css Profile Due
You can begin filling out the CSS Profile for the next academic year on Oct. 1. So, if youre planning to attend college in the fall of 2022, you can fill out the form starting in October 2021. Schools set their own, individual CSS Profile deadlines, so check with the colleges where youre applying to find out when youll need to have it done. Most schools deadlines are between Jan. 1 and March 31, or during the first quarter of 2022 for students planning to attend college in the fall of 2022.
Plan to complete the submission by two weeks before the deadline. You might as well be in the early part of the line for money, says Jim Shagawat, a financial advisor in Paramus, NJ.
Fafsa Question #92parents’ Untaxed Income
If your answer to question 58 was “Unmarried and both legal parents living together,” contact 1-800-433-3243 for assistance with answering questions 79-92.92.
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Css Profile: Pension And Retirement Plans
< p> I am working on fin. aid forms to go w/ DS’s applications and could use some guidance in answering CSS Profile questions about pensions and retirement plans. Here is our situation:< /p>
< p> Also, regarding my contributions to my 414 state pension plan, my understanding is that my contributions may not be added back in to our income because my participation is mandatory, not voluntary, unlike a 401 plan. At least this is how it worked with our fin. aid applications for DS’s private secondary school. Any insights?< /p>
< ol> < li> < p> I have a retirement plan similar to yours, where the benefit is defined and the “value” is unknowable. I check the box that applies, but leave the value question blank. Never had it questioned in 8 CSS Profile cycles.< /p> < /li> < li> < p> The IRA is still “tax-deferred” because the taxes on any earnings it makes inside the plan are deferred. The fact that distributions are taxed does not change the basic nature of the plan as being “tax-deferred.”< /p> < /li> < li> < p> The military pension is not “tax-deferred” because there are no earnings inside the plan for which taxes could be deferred. It is a situation like your question 1, where you check the box for a gov’t plan and leave the value box blank.< /p> < /li> < /ol>
< p> right, that’s what I would do, it has worked for me for the last 8 years and at two different Profile institutions< /p>
< p> I don’t know the exact answer. Not sure anyone does. I have a couple of suggestions.< /p>
Be Smart About Where You Store Money
To the best of your ability, shift money into parental assets and away from student assets, especially if you have time to plan. A 529 plan, for this reason, is better than an UTMA or UGMA, because parents or grandparents own a 529 and the student owns an UTMA or UGMA.
Spend down money in any student-owned accounts at least two years before youll be applying for aid. A car, orthodontic braces, lessons, educational travel, or a musical instrument can all contribute to a childs education while also making her more eligible for college financial aid.
Finally, dont report cash value in a life insurance policy on the CSS form. The CSS Profile doesnt consider this asset.
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Provide Information About Your Assets
This section is about financial assets that are in your name such as a trust fund, retirement fund or investments. Not sure if you have any assets? Ask your parents or guardians. If you do, you might want to have them help you fill out this section as well.
What Information Do You Need To Answer The Forms Questions
The CSS Profile asks for all the information the FAFSA requires and adds questions about annuities, home equity, retirement funds and sibling assets to build a full financial aid profile. Before you start the application process, gather the necessary documents. Youll need information about your familys finances, including:
- Your most recent federal tax returns
- W-2 or 1099 forms for the past two years, to show parents income
- Current balance amounts for savings accounts, checking accounts, stocks, bonds, trusts, and UTMA/UGMA accounts for both parents and student
- Current 529 plan values for all children in the home
- Information about your retirement accounts , IRA, 403, pension, or some combination of those), including most recent annual contributions and account balances
- Information about your primary home and any investment or vacation properties, including how much you paid, what you owe on any mortgages, and what each property is currently worth
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Q: Do I Include The Value Of My Retirement Accounts As A Parent Asset On The Profile
A: You shouldn’t include the value of any official retirement accounts, such as 401s, 403s, or IRAs, within parent assets. The Profile will ask a separate question about the value of your retirement accounts, and you can include those totals there. Most colleges and universities only glance at this information, and don’t include the value of your retirement accounts in the calculation to determine your financial aid eligibility.
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O ne application. Scores of questions. Untold hours of angst.
The most onerous form in admissions bores into the bones of your existence. Each year it sows confusion and multiplies misery among those seeking financial aid from many of the nations wealthiest colleges. Its called the College Scholarship Service Profile, or CSS Profile, for short. Some students call it burdensome, invasive, evil.
Days later, she came to Carolyn Blairs office with a face full of worry. Carolyn, she said, help me.
Blair, a college counselor at Clayton High School, just outside St. Louis, is a full-time problem-solver who blankets crises with calm. She had been doing what she could to help the woman, a South American immigrant with a sharp wit, a warm laugh, and little money. The woman mopped floors and scrubbed toilets for a living, hoping that a four-year college would give her youngest daughter, a senior at Clayton High, enough financial aid to enroll.
Was this right?
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The Css Profile Vs The Fafsa
There are important distinctions between the Free Application for Federal Student Aid and the CSS Profile. Here are some key differences to consider.
|Varies by college|
Keep in mind that the CSS Profile is not a substitute for the FAFSA its a supplement for specific colleges and universities. If your prospective college uses the CSS Profile, youll still want to fill out both applications. Without the FAFSA, you wont be eligible for federal student loans, federal grants like the Pell Grant or state grants.
Look Into A Colleges Rules Around Non
If the students parents are divorced or separated, find out whether the college to which youre submitting wants financial information from both parents or from just the parent with primary custody, says Eric Endlich, a college consultant in Boston, MA. This can make a big difference in situations where the non-custodial parent is a high earner, he adds.
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Q: As A Parent Should I Create A Separate College Board Account To Submit The Profile
A: You may submit the Profile under the student or the parent’s College Board account. Only one Profile application can be tied to each account every year. Keep in mind that the student will have the ability to view the information submitted on the Profile application if your family decides to complete the Profile under the student’s account. Parents who prefer not to share family financial information with their children often create their own College Board account to submit the Profile. Note that when parents create their own College Board account, they must create a new student account using parent information. Do you have additional questions about the Profile? Include them in the comment section below, and we’ll be sure to reply right away. Or if you’d like one-on-one assistance, call us at 449-MEFA or email us at .
Completing The Css Profiletm Check Out These Faqs
If someone in your family is applying to college this year, there’s a good chance you’ll need to complete the CSS Profile, the financial aid application required by roughly 250 colleges and universities across the country. Check out the questions we frequently receive about completing the CSS Profile.
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What Is The Css Profile
The CSS Profile is the most widely used application for nonfederal student aid. While less common than the FAFSA, many schools require you to complete it to be considered for grants and scholarships through your school and outside organizations.
Its available to complete on the College Board website by following the steps listed below.
Fill Out The Css Profile
Once you have an account set up and have all your information together, you can fill out the application. For the most part, the process involves answering questions about your life and providing your personal information and financial information.
If you have trouble during the process, College Board offers several resources that can help. For example, it offers an online tutorial that is free to use. It also offers live help over the phone at 844-202-0524 or through a live chat function. Agents are available to answer questions and walk you through the process Monday through Friday.
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Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. Weve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.
Bankrate follows a strict editorial policy, so you can trust that were putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.
Our loans reporters and editors focus on the points consumers care about most the different types of lending options, the best rates, the best lenders, how to pay off debt and more so you can feel confident when investing your money.
Provide Information About Your Academics
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Provide Information About Your Parents Income And Benefits
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What Is Considered Investments On Css Profile
In addition to qualified educational benefits or educational savings accounts such as Coverdell savings accounts and 529 college savings plans, such an investment also includes refund value of nts or education savings accounts such as Coverdell savings accounts, 529 college savings plans, and the refund value of .
Familiarize Yourself With Deadlines
Like the FAFSA, submitting your CSS Profile as soon as possible after it becomes available on October 1st opens you up to more financial aid opportunities. Regardless, you must submit your application by the schools priority deadline for your application to be considered.
The priority deadline for the CSS Profile can vary by school, though its usually some time in January or February. Learn when a schools priority deadline is by contacting the financial aid office.
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Provide Information About Your Parents Assets
This section is about other items with a dollar value that your parents own. You might want to have them complete this section with you. Make sure that you provide the value of each asset the day youre filling out the form not an average over time.