This typically ranges from $3,000-$6,000. Most schools’ deadlines are between Jan. 1 and March 31. So before putting too much energy into figuring out the Profile, you should start by figuring out if you even need to file it. File the FAFSA as close to the start date as possible to improve your likelihood of getting the most grant, scholarship and work-study aid. Home equity is based on the. You could also complete a PDF online, then print and send by mail. You may also read about - CSS profile vs FAFSA . The FAFSA determines your eligibility for federal aid like the Pell Grant, work-study and federal student loans if you attend most colleges that participate in the Title IV federal financial aid program. And remember, although the Profile is commonly considered the FAFSA for private colleges, it’s actually only for a subset of about 200 private colleges. Is pension income that is reported in Box 14 of the W-2 included in any section of the CSS Profile? Any student who is a U.S. citizen or eligible noncitizen will qualify for some federal student aid, even if that only means federal loans. A small group of schools uses the Profile and FAFSA in what’s called Consensus Methodology. The CSS also considers additional factors that will affect your ability to pay for college … Also — unlike the FAFSA — if your parents are divorced you’ll need information from both of them, so they’ll each need to complete the CSS profile separately. These might include questions about the family’s cars, how students got summer jobs, whether parents receive any financial gifts, and more. The Profile generally uses tax info plus the additional items requested by the FAFSA and then schools may choose to include additional questions. There are important distinctions to be aware of between the FAFSA and the CSS Profile. Like the FAFSA, the Profile has an EFC estimator. This video discusses the differences between the CSS Financial Aid PROFILE and the FAFSA. One of the most significant differences between the two forms is cost. Legitimate information/documents should be submitted to avoid any undesirable circumstances. For example, the CSS Profile will collect information on your family’s annual income as well as medical expenses and anything else that could affect your ability to pay. This means that submitting the CSS Profile does not impact your federal financial aid, including the. It's important to know that it's NOT a matter of the CSS Profile vs. FAFSA, and figuring out which one to complete. So how do we make money? Both the FAFSA and the CSS Profile application open Oct. 1 the year before you need financial aid. The FAFSA determines your eligibility for federal aid like the Pell Grant, work-study and. Disclaimer: NerdWallet strives to keep its information accurate and up to date. Both the FAFSA and CSS Profile are submitted online. - [Sean] In addition, and there's another form out there that's used by a lot of schools called the CSS Profile, and that can be found on the College Board website. (the estimated amount your family can afford to contribute toward education costs). Here is a list of our partners. Like the FAFSA, it will calculate your Expected Family Contribution (EFC), or what your family should expect to pay towards your college costs. I’m also a mom to college-aged twins, so I’m right there with you. However, the CSS Profile typically asks for more information regarding finances. Updated for 2017, this guide provides straight-forward explanations of expected family contribution (EFC), need-based financial aid, merit aid and the two aid forms, the FAFSA and CSS Profile… is June 30 after the school year in which you want aid. However, given the differences in questions and calculations from school to school, you are better off using individual schools’ net price calculators to get more accurate estimates of your costs. The CSS Profile vs. the FAFSA. The CSS PROFILE costs $25 to file with one school You can submit the CSS Profile only online. You must submit the FAFSA every year you're in college if you want to receive aid. , an additional application that determines state and institutional financial aid. The. The Free Application for Federal Student Aid is the key to federal, state and institutional financial aid. Thanks! Our opinions are our own. Any student who is a U.S. citizen or. - [Voiceover] And I'm going to fill out the FAFSA, and I'm also going to fill out the CSS Profile, and that's going specifically to private schools, or more often used by them. However, this does not influence our evaluations. You could also complete a PDF online, then print and send by mail. I understand it is not reported as “untaxed income” in the FAFSA. » MORE: When is the 2021-22 CSS Profile deadline? FAFSA (“Federal”) and CSS PROFILE (“Institutional”) There are certain adjustments in the EFC calculation process that are treated differently between the two financial aid methodologies.. Below you’ll find a summary of many of the differences within the computation elements of the FAFSA and the CSS PROFILE,. All schools accept the FAFSA for federal aid, but only some accept the CSS Profile for state and institutional aid. Hi, I’m Ann Garcia, CFP®, the College Financial Lady. the FAFSA in three ways. Others factor in regional differences in cost of living. File the FAFSA as close to the start date as possible to improve your likelihood of getting the most grant, scholarship and work-study aid. The applications are entirely separate. You can begin the CSS Profile here. The CSS Profile is available to citizens as well as. CSS Profile. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. However, if you have not yet done so, you should fill it out as soon as possible. How to Pay for College: 8 Expert-Approved Tips. The CSS Profile does not. Pre-qualified offers are not binding. For example, some cap home equity at a multiple of parent income. Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc.: Licenses, NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer AccessLicenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Prevent identity theft, protect your credit, The difference between term and whole life insurance, How medical conditions affect your life insurance rate, To get financial aid for college, you must submit the Free Application for Federal Student Aid, or, . Generally speaking, nondiscretionary items such as mandatory contributions are not included in either but there isn’t one set of Profile questions as there is for the FAFSA. NerdWallet strives to keep its information accurate and up to date. Post was not sent - check your email addresses! While all schools use the FAFSA to allocate federal funds such as Direct Student Loans, a subset of schools– primarily private schools– use the CSS Profile in their financial aid calculations. To pay for college, always submit the FAFSA first. The FAFSA is required each year of all first-year, transfer, and returning students to apply for federal and state financial aid. The FAFSA is free to apply, but not all the aid you receive is free. I’m a fee-only, fiduciary financial advisor. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. For students whose parents are divorced, the Profile requires both parents to complete it. To get financial aid for college, you must submit the Free Application for Federal Student Aid, or FAFSA. FAFSA. Since most colleges award their financial aid on a first-come, first-served basis, it's best to fill out the FAFSA and CSS Profile as close as possible to October 1 each year. Many or all of the products featured here are from our partners who compensate us. The CSS Profile is a financial aid application used by more than 200 colleges, universities, and scholarship programs. CSS Profile: An Overview . We believe everyone should be able to make financial decisions with confidence. This is somewhat misleading insofar as institutions have a great deal of latitude in interpreting the data. It is administered by the College Board, the organization behind the SAT, PSAT, and other standardized tests. Key Takeaways The CSS Profile is a financial aid application required by some colleges, universities, and scholarship programs. Returning students who have not received BU need-based scholarship aid in the past are also required to file the CSS Profile™ to apply for BU scholarship aid. When evaluating offers, please review the financial institution’s Terms and Conditions. You’ll pay an additional $16 per school if you’re applying for aid elsewhere. Key features of CM are that home equity is capped at 1.2x parent income and student assets are assessed the same as parent assets. I help families plan and finance affordable college education. The CSS Profile is administered by College Board, which is the same organization that handles the SAT and AP exams. You can find the list of schools that require it here. (The FAFSA only requires the custodial parent to complete it.). Unlike the FAFSA, which has a deadline of June 30, 2022, for the 2021-22 school year, the CSS Profile deadline varies. A punctual submission can help in a long way and is highly prescribed. Sorry, your blog cannot share posts by email. First-year and transfer are also required to file the CSS Profile™ to apply for BU scholarship aid. , as part of their financial aid process for aid like grants and scholarships. The CSS Profile is available to citizens as well as international student applicants. Unlike the FAFSA, the CSS Profile has an application fee of $25 — and a fee of $16 for each additional report if you want to submit your profile to more than one school. $16 for each additional report. This means that submitting the CSS Profile does not impact your federal financial aid, including the expected family contribution (the estimated amount your family can afford to contribute toward education costs). About a fifth of colleges that use the CSS Profile do not consider net home equity, a fifth count the full amount of net hom… FAFSA vs. CSS Profile – What’s the difference? Accept grants, scholarships and work-study before student loans. When is the 2021-22 CSS Profile deadline? Enter your email address to subscribe to this blog and receive notifications of new posts by email. Apply for student grants and college financial aid using one application form. Colleges can include additional questions of their own. Grants, scholarships and work-study do not need to be repaid, but federal student loans do. Unlike the FAFSA, information about your small business is evaluated as part of the CSS Profile. There are a few key differences between the two forms: One really important difference between the FAFSA and the Profile is that the first F in FAFSA stands for Free. The most significant difference between the FAFSA and CSS profile is that the CSS profile asks for more information about you and your family’s financial situation, which can be both good and bad. The federal government awards federal financial aid based on your FAFSA application. Our partners cannot pay us to guarantee favorable reviews of their products or services. The CSS Profile. There are a few key differences between the two forms: The Profile considers a broader range of assets than does the FAFSA. The primary requirement is that the institution’s methodology is applied consistently across all students. EFC Formula Guide for the 2021-2022 FAFSA, The Profile considers a broader range of assets than does the FAFSA. Some also require that a CSS Profile is also filed. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. can submit the FAFSA. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. The applications are entirely separate. Her work has appeared in The Associated Press, The New York Times, The Washington Post and USA Today. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Home Equity. I write a lot about the FAFSA, but there’s a second financial aid form that’s also important: the CSS Profile. All financial products, shopping products and services are presented without warranty. NerdWallet’s 2021-22 FAFSA Guide: How to Get Free Money for College. If, for example, the financial debt from a hospital stay is already paid, it will influence how … The CSS Profile is administered by the College Board, a nonprofit organization in charge of the SAT, PSAT, AP studies, and College Planning. The CSS Profile combines the income and assets (even equity in the primary and secondary/vacation homes) of both parents, not just the custodial parent. The CSS Profile’s calculation is referred to as Institutional Methodology. The CSS Profile costs $25 to submit for one school. The major difference is that the FAFSA® provides federal grants, loans, and other types of government assistance, and the CSS Profile is an application that universities use to gauge how much non-federal financial aid you need. A small number of institutions require that an applicant wishing to be considered for merit (non-need) aid submit the FAFSA, the Profile, or both. The FAFSA is a government form. This being said, the CSS PROFILE focuses on your personal assets a great deal, while the FAFSA sticks more to annual income. Really get to know your money and find cash you can put aside and grow. CSS Profile is an online application form which helps the students in applying for financial aid through the college boards, on the other hand, FAFSA is also an online application form very similar to the CSS Profile, but FAFSA provides financial aids via the federal government. For example, for the 2021-22 school year, the deadline is June 30, 2022. While all schools use the FAFSA to allocate federal funds such as Direct Student Loans, a subset of schools– primarily private schools– use the CSS Profile in their financial aid calculations. The application is also often required by states and schools for their own scholarship and grant programs. FAFSA . Who’s in charge? The application is also often required by states and schools for their own scholarship and grant programs. will qualify for some federal student aid, even if that only means federal loans. For many families, the most important ones are home equity (although a number of schools have dropped or limited its importance) and non-parent-owned 529 accounts. But you should submit the application no later than two weeks before the earliest deadline. The FAFSA does not take minimum student contribution into account, while the CSS PROFILE does. if you attend most colleges that participate in the Title IV federal financial aid program. But your school may also want you to submit the. But your school may also want you to submit the CSS Profile, an additional application that determines state and institutional financial aid. The CSS Profile is only used by certain schools. The main difference between the CSS Profile and the FAFSA is that the FAFSA covers federal aid and the CSS Profile only covers private aid. For the 2021-22 school year, both applications open Oct. 1, 2020. The FAFSA deadline is June 30 after the school year in which you want aid. The CSS Profile vs. the FAFSA The CSS Profile is different from the FAFSA, the free U.S. Department of Education form that determines a student's eligibility for federal financial aid. . Apply for the FAFSA on the Federal Student Aid website or by using the myStudentAid mobile app. $25 for the application and one report to a school. The FAFSA asks you to include information on your family’s assets and income to calculate an expected family contribution, which is the amount your family will contribute toward paying for school. Some information that is not considered on the FAFSA, such as the value of your family’s small business, is considered an asset on the CSS profile. You must submit the FAFSA each year you plan to receive financial aid. Profile starts with a different letter; you will pay $25 for the first Profile submitted and $16 for each additional school. (The FAFSA still counts the net worth of investment real estate, second homes and vacation homes, just not the family home.) If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. Conclusion. The CSS Profile is only used by certain schools, listed on the CSS Profile site, as part of their financial aid process for aid like grants and scholarships.