Difference between CSS/Profile and FAFSA

sybbie719
Wed, 13 Oct 2010 14:35:22 +0000

At minimum you file the FAFSA (at almost every school) to determine your eligibility for federal aid (Pell/ seog grants, stafford and perkins loans). Most public univeristies will just require the fafsa (the exception may be UVA, UNC- CH, Mich and a few others which may require their own forms)

The CSS profile is used at different colleges that distribute their own institutional aid (Many of these schools have much deeper pockets).

Many schools that use a federal methodology to determine EFC will require only the FAFSA. Schools that use an instutional methodology or a combination of the 2 will require the CSS profile or their own FA forms.

Differences between the IM and FM models are

IM collects information on estimated academic year family income, medical expenses, elementary and secondary school tuition and unusual circumstances. FM omits these questions.

IM considers a fuller range of family asset information, while FM ignores assets of siblings, all assets of certain families with less than $50,000 of income, and both home and family farm equity.

FM defines income as the “adjusted gross income” on federal tax returns, plus various categories of untaxed income. IM includes in total income any paper depreciation, business, rental or capital losses which artificially reduce adjusted gross income.

FM does not assume a minimum student contribution to education; IM expects the student, as primary beneficiary of the education, to devote some time each year to earning money to pay for education.

FM ignores the noncustodial parent in cases of divorce or separation; IM expects parents to help pay for education, regardless of current marital status.

FM and IM apply different percentages to adjust the parental contribution when multiple siblings are simultaneously enrolled in college, and IM considers only siblings enrolled in undergraduate programs.

The IM expected family share represents a best estimate of a family’s capacity (relative to other families) to absorb, over time, the costs of education. It is not an assessment of cash on hand, a value judgment about how much a family should be able to use current income, or a measure of liquidity. The final determinations of demonstrated need and awards rest with the University and are based upon a uniform and consistent treatment of family circumstances.

Except in the most extraordinary circumstances, Colleges classifies incoming students as dependent upon parents for institutional aid purposes, even though some students may meet the federal definition of “independence.”

The profile will take into consideration tuition for children attending high school. They may consider school expenses outside of high school for special needs children. They will consider unreimbursed medical expenses and taking care of elderly parents.

Students enrolling as dependent students are considered dependent throughout their undergraduate years when need for institutional scholarships is determined.

For institutional aid purposes a student may not “declare” independence due to attainment of legal age, internal family arrangements, marriage or family disagreements.

Your COA (cost of attendance) is tuition, room board, books travel expenses and some misc. expenses associated with attending college.