CSS Profile and Divorced Parents with Unequal Assets

thumper1
Sun, 22 Nov 2020 01:27:01 +0000

For Profile schools, the custodial parent will complete the Profile. The non-custodial parent will complete the non-custodial parent form. You will do your form, and he will do his. These are set up so that divorced parents can’t see what the other parent is putting on the forms (unless the parents choose to share…that’s their choice).

Profile schools have different ways of dealing with home equity, but it is an asset. The amount the school uses will vary wildly from college to college. Some schools use zero, and some a higher %age.

You say your second student is interested in Profile schools. That’s fine IF you parents can afford the college costs. Have you agreed on an amount you can reasonably contribute, or is this a bottomless pit of money?

As parents, if you can’t afford the net cost at a $70,000 a year school, your kid needs to hear that.

With a $30,000 a year income…YOU aren’t going to be able to contribute much. Right?

And you say the dad doesn’t have much income so he won’t be able to contribute much, right?

My suggestion…you need to set a budget with this kid. Let him apply to colleges with the understanding that the net cost needs to be affordable for you parents. Do not go into debt, neither if you has income to support added debt for his college.

For the FAFSA, the custodial parent income and assets are used. The FAFSA does not ask anything about primary home equity. lWith a low income, it’s possible your kid will qualify for a portion of the Pell Grant, perhaps all $6000 plus of that. And a $5500 Direct Loan for freshman year. A lot depends on the dad’s income.

Is this student applying to colleges that guarantee to meet full need for all? Does he have competitive GPA and SAT or ACT scores to possibly gain admission? If so, is he applying to any colleges with guaranteed merit aid based on his stats?