How does Self employed affect FAFSA and CSS Profile?

jmiller2015
Tue, 12 Aug 2014 19:40:53 +0000

I am not sure about how my self employment will affect my daughter’s application for aid with FAFSA and CSS Profile.

I get paid a good deal of money from my employer 1099, but most of the money is used to pay back loans (used to purchase the business) and other expenses leaving me with about 50,000 in profit.

How does the FAFSA and CSS Profile look at that?

Currently I am not listed as a LLC or Inc, but looking to change. However, before I do this also wanted to see how that would affect her applications.

Lastly, my wife and I are divorced, but live in the same school district. She is paid more then my profit from the business, but all is W2. Would it be better if my daughter were to move in with her for the senior year to have my ex-wife considered the custodial parent?

Thanks