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CSS Profile Question

nextstepcollegenextstepcollege 37 replies7 threadsRegistered User Junior Member
I am trying to start collecting documents we will need to do the FAFSA and CSS profile and am just wondering if bank statements are something we will be required to provide? I have our tax returns, tax return transcript, W2’s, mortgage info., and I know what we have in our bank accounts, but haven’t started to collect all the statements because I know it should be current (as of the day we file).
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Replies to: CSS Profile Question

  • BelknapPointBelknapPoint 4408 replies16 threadsRegistered User Senior Member
    As a normal practice, providing copies of bank statements is not required. However, as part of a verification process, a school may request documentation to substantiate information provided on Profile.
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  • happymomof1happymomof1 29588 replies172 threadsRegistered User Senior Member
    For the FAFSA, you need the balance as of the day you file. You don't need physical statements as a back up. But do keep collecting those things. If you have umpteen random accounts, or a bunch of gee-I'm-not-sure-where-I-put-them savings bonds, it is good to get the information organized.
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  • thumper1thumper1 74224 replies3247 threadsRegistered User Senior Member
    For the 2020-2021 FAFSA and Profile forms, you will need 2018 tax year income tax information. And as noted, you will need your asset balances as of the day you file the financial aid application forms.

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  • nextstepcollegenextstepcollege 37 replies7 threadsRegistered User Junior Member
    As a normal practice, providing copies of bank statements is not required. However, as part of a verification process, a school may request documentation to substantiate information provided on Profile.

    Thank you! I guess I’ll be sure to have a copy available on the day I file just in case it is needed later.

    Out of curiosity, in terms of savings accounts, is there a magic number for an amount a college expects a family may have in their savings for an emergency fund? My son will not be a grant recipient. I expect that and am okay with it. That said, we do show a need with the NPC, which included a reasonable amount in savings for an emergency fund relevant to our income. Just curious if colleges which require the profile may expect every penny of savings to go towards the bottom line, or if they allow an asset protection allowance similar to the FAFSA?

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  • thumper1thumper1 74224 replies3247 threadsRegistered User Senior Member
    edited August 25
    Your emergency savings fund doesn’t get any special consideration in terms of the financial aid formulas. If in regular savings...it’s just like any other savings money asset.

    Colleges don’t deduct your “emergency fund” savings from your overall savings.

    There is an ever decreasing amount that is not counted in terms of assets. I’m not sure what the amount is now...but I don’t think it’s more than $30,000. Any parent assets over that amount are counted. This is for the FAFSA. In terms of the Profile...I don’t believe this exists. Colleges likely use every nickel of your savings in their calculations.

    Is this what you want to know?
    edited August 25
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  • lookingforwardlookingforward 33453 replies363 threadsRegistered User Senior Member
    Parent assets are generally tapped at just under 6% annually, while kid assets at 20%. (But aid availability always depends on college wealth and policies.) Assets in a Qualified Retirement Plan/QRP are not included in calculations. Eg, a 401k. Just calling something your retirement reserve- or an emergency reserve- doesn'tmake it "qualified."
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