<p>We’re in the middle of selling our house and buying another and to make it all more complicated, I just found out that the school where DD is applying ED requires the CSS Profile to be filed by Nov 1. Our bank account currently has a big chunk of cash in it since the mortgage bank wants to see enough liquid assets for our closing. And for a few weeks we’re going to own two houses since the closing on the house we’re buying is probably going to happen on Oct 24 and then our closing on our house that we’re selling should be around November 15.
So, as far as I can figure out, we should fill out the CSS Profile as soon as we take the cash for our closing out of our bank account but before we actually close on the new house? I just found a copy of the form online and it says “cash, savings and checking accounts (as of today)”</p>
<p>How doe that school count home equity? Do they cap it by income? Otherwise what you put down on the house will still be part of your assets. How much excess is in assets that has to be used for closing? At about 5% of assets, what kind of difference are we talking about? Worth holding off ED? Worth giving it a try telling the school those are ear marked funds? </p>
<p>Your assets must be reported as of the day of filing your Profile, and can’t be changed. Your timing is “off” in terms of getting this all done for financial aid for an ED application…and the Priority filing date for the Profile.</p>
<p>It is what it is.</p>
<p>You can contact the school and see what they say…but really, if you have that money the day you file the. Profile, you must report it.</p>
<p>Were you anticipating significant need based aid…given that you had enough cash someplace to create a large enough account to have available? </p>
<p>Ask the college when you would get a financial aid offer if you’re not able to file the CSS/Profile until Thanksgiving.</p>
<p>Would increasing your deposit with the escrow effectively take it out of your accounts? That wouldn’t be checking, savings, money market or investment accounts. Might be too much language lawyering.</p>
<p>There usually is a place on Profile to explain circumstances, unusual expenses and such.</p>
<p>The impact should be minor… savings is a factor (maybe 5% toward college if I recall right) … income is the much bigger factor. </p>
<p>I think you should ask the school if you can miss the deadline by a few weeks. </p>
<p>@Thumper1, we weren’t expecting huge need-based FA, but based on income, according to the school’s NPC we would be eligible for $9000 or so, which is not insignificant. The way we were able to get an amount big enough for the house down payment without selling our current house first is from loans and hardship withdrawals from our retirement accounts, the only way we can touch “our” money in those accounts. </p>
<p>Our mortgage broker told me that we have to take out the down payment amount from our account as a bank check and put it in escrow so that they can see that it clears before the closing-- @arabrab , even without language lawyering, surely at that point it won’t count as being in our bank account? </p>
<p>@cptofthehouse, how do we find out how the school counts home equity & whether they cap it by income? The school is Cornell and with their thousands of ED applications I’m not too hopeful about getting a good answer if I ask them if they can extend the filing deadline. </p>
<p>And I think it doesn’t help that the area where we live and are buying has home prices that are more than double the median national price.</p>
<p>For whatever it’s worth, I had a nice conversation with Cornell’s FA office last spring. They were quite clear and generous in their communication, but did have unusual requirements. They were the only school that required a tax return and documentation of my daughter’s babysitting money (because it was over ?500 or ?700 dollars).</p>
<p>It is bad timing for you. You should have submitted the CSS profile before cashing out the retirement. In any case, you may talk to the FA officer to explain the situation and file an appeal later on if necessary. I would not delay the CSS profile submission unless you get the agreement from the adcom and FA office in writing.</p>
<p>Being in an escrow account is no different than being in a mattress or a hole in the backyard. Merely taking it out of the bank doesn’t convert it to not-an-asset.</p>
<p>If it’s in an escrow account then is it not technically “owned” by the escrow agent for the duration of the contract?</p>
<p>No more than if you give me some money to hold for you that it’s owned by me. The escrow agent can only apply it for your benefit. The OP is no poorer after the transfer to the escrow agent.</p>
<p>I wonder what year the OP took the hardship withdrawals? My guess is these would show up somewhere as income in tax returns.</p>
<p>Well, the question is resolved now–D decided that she won’t do ED after all. Just as well since it looks like our closing won’t happen until Nov. 3.</p>
<p>Whew!</p>
<p>My D also did not applied to any school ED partly because of a concern in financial aid. She applied to that reach school RD instead and got accepted (although not attending at the end). I hope that would be the same case for your D.</p>