<p>How does carnegie mellon look at CSS profile ? Is it better if we move our savings into home equity ?</p>
<p>I would like to know this as well. Some schools cap the equity to (1-2) x income.</p>
<p>Parents savings are capped anyways via the FAFSA model.</p>
<p>It’s too late to move all your money for 2011, as you earned interest and that will show on your 1040. </p>
<p>When you say home equity -are you suggesting taking all your liquid assets and paying down your mortgage? Most financial planners would tell you that’s risky and you should keep 6-18 months of cash reserves.</p>
<p>In any event only 5% of parental savings are the max that would feed into your EFC via FAFSA. That said, if you are sitting on a million dollars and paid off your house-- it’s still in your net worth.
CSS Profile looks at net worth -not just liquid assets .</p>
<p>CSS profile also have an essay (sort of), I wonder how subjective that would be? and what kind of information goes into that.</p>
<p>The essay is meant to explain true hardships.</p>
<p>If you lost a job, it’s presumed by FAFSA/ college models you will regain employment in 6 months.
When my oldest was a senior in high school, I was downsized in April - right when she was sitting on a pile of acceptances. I contacted all the schools. ONly CMU adjusted her package. But they reserved the right (and did) readjust the package at the end of the year when I did find employment four months later. So the spring aid for freshman year declined.
If you lost your job- explain so on CSS Profile - but the EFC will show NOT adjustment from FAFSA.</p>
<p>The essay should explain unusually high medical expenses - either one time or ongoing that are not accounted for in calculation of an EFC.
A huge business loss is also to be accounted for. However, saying your stock is worth less, that’s not the purpose of the space.</p>
<p>The goal is to show that your monthly cash flow given your “high” income being modeled in the FAFSA and CSS Profile are inaccurate and don’t account for x, y and z.</p>
<p>Worth a shot.
CMU also has an “extenuating” circumstances form for job loss. request one if that is the case. This is sent AFTER you are accepted.</p>