I know that this will range from family to family but my parents have no idea how to estimate how much we can afford. Our income is $115,000 and I am applying to private and public colleges. We don’t know the average amount this is and we don’t know how much of an impact this will make since it’s an estimation, but we would really like some help filling this question out.
How to estimate the amount parents are willing to pay for 2015-2016 college expenses for CSS profile
Your parents need to look at their budget and determine how much do they have left over each month that they can put towards college. The multiply that by 12. If they have a college fund, then include that appropriately. Sounds like they don’t have a college fund, though.
With that income, some schools will expect them to pay $25k-35k or MORE per year. That could mean paying $2k-3k+ per month. Ask them if they can do that.
Typically, if there is no college fund, then parents figure how much they can pay each month towards college by looking at their budget and expenses.
Ask your parents how much they can put towards college EACH month for 48 months.
Note that while the Profile question itself asks how much parents think they will be able to pay, the instructions for the question say to put down how much the parents plan to pay. Those can be two very different things. I asked the CSS people and was advised to follow the instructions and answer the question using the amount that the parents plan to pay towards college expenses from income and assets.
Right now, they need to figure out a budget for what they are willing to pay. And not just for this question, but for when you are deciding between colleges in April. Ideally, they should have done this and told you their contribution limit before you made your application list, since you are now at risk of being financially shut out, since you could not have been assured that your safeties are affordable if they did not tell you their contribution limit.
I really doubt anyone is looking at that amount. The schools will calculate how much your family will need to pay. I put a token amount, and nobody bat an eye.
We just picked a number we knew for sure we could pay.
I have no idea why they even ask that question.
CSS usually seems to assume that families who make less than 6 figures can afford to pay 1/4 of their before tax income.
Families who earn $100,000+, can be expected to pay roughly 1/3rdish of before tax income.
but if you are divorced, have a business or other complicated financial arrangements, its anyones guess.
A cynical person may think that if the amount written is higher than the expected family contribution (not including expected student contribution) that the school’s normal financial aid would expect, the school may cut back the financial aid offer to make the family pay what they say they are willing to pay. I.e. the reverse of what is called “preferential packaging”, based on the assumption that the student and family do not need additional money to entice them.
If that is a concern, run the net price calculator on all of the CSS Profile schools on the list, then give a number no greater than the lowest expected family contribution (not including expected student contribution) for this question. Of course, if the actual number your family is willing to pay is less, use the actual number.