Explaining Change in Financial Situation

Paying for College
1

<p>So times have been a bit tumultuous in my family and a couple of big financial transactions have taken place after I sent in the CSS. </p>

<p>1.) My family recently sold one of their two small businesses of which it had had 100% ownership originally. </p>

<p>2.) My family is in the process of buying a house. They recently submitted an offer on a house and anticipate a positive reply. We are renting a condo by month right now.</p>

<p>I know that we are supposed to send letters to individual colleges explaining any significant change in our financial situation, but I’m not exactly sure what kind of details to include in the letter. Obviously, I would like to give the colleges all relevant information so that they can adjust my FA package accordingly. Hopefully, any information not immediately available, I can get from my parents in time to send it in to colleges.</p>

<p>Any information regarding this would be appreciated!</p>

2

<p>When did you send in your CSS? Was it updated with all of your 2007 info or did the sale of the business happen in 2007??? </p>

<p>If the sale occured in 2008, it is not necessary to update your profile. If the sale happened in 2007, then you need to update the profile to reflect any changes to your 2007 taxes as a result of this sale. </p>

<p>Assuming the sale was in 2007, your parents probably have liquid assetts that may be treated differently for financial aid than assetts in a home. </p>

<p>If this is the case, after you update the profile you should contact the financial aid offices individually to explain about the impending purchase of the home.</p>

3

<p>Oh, it was in 2008. I guess I don’t have to worry about it until next year. Whew!</p>