CSS Profile messed up my financial aid

thumper1
Thu, 14 Apr 2016 12:42:48 +0000

Sorry…but the money DOES at least partially belong to your step dad, or it should not have been included in HIS taxes.

First thing to do…make sure the taxes are filed correctly.

Second thing…to ME it sounds like your family does have assets but much of them are tied up in your step dad’s partial ownership of the business. You need to understand…that business has a value, as does the interest from that business. That you have no access to the money NOW is not relevant. What is relevant is that you could have access to this if the business was liquidated.

You have appealed to these schools and asked that they not consider your step dad’s business money. All three of these schools have said NO to that appeal.

This doesn’t sound like a glitch at all to me (unless there is information these schools did not receive or see). It sounds like a situation where the stepdad income and assets, including the business (which would not be reflected on the FAFSA) are being considered.

Also…what is your family overall income?

The losses in schedule E are all assumed to be paper losses, and if we want to prove that we don’t have the money for the school we must provide documentation AND a letter from the cpa explaining how it is a real loss and not just for the purposes of tax reductions.

What I don’t get, is what forms prove this? They already said that the letter our cpa provided on its own was not enough.

Documents that support the business loss. This would include debts, assets, money paid out…ALL of the financials from the company that show that it was running at a LOSS. The financial person at the company should have all of this information.

The school wants specifics…what exactly WERE these paper losses?

But here is the BIG question…if the company is losing THAT much money…how is it paying salaries and benefits to its employees? The school will want to know that too.