Does high % of income deferral effect EFC under CSS/ PROFILE

thumper1
Sat, 10 Nov 2018 02:36:48 +0000

Your concerns are unfounded. The financial aid departments will use your full income to determine your need based aid. If you choose to put 2/3 of that into retirement accounts…that is your business. They won’t care.

The schools will calculate your net costs and send you a bill. As long as you can pay the bill, you are good to go.

To your business whether you decide you need some of the $58,000 retirement contributions to help pay college costs…not the college’s.

I do think you are putting the cart before the horse. If you kids don’t get accepted to colleges that meet full need for all…all bets are off in terms of what your family contribution will actually be…in three years.

Like I said…costs will increase for sure. The results from the NPCs now may not be the same in thre years.

Plus, your actual income could change.

And remember…assets count too.