Does anyone know how much students are allowed to earn under the Institutional Methodology (CSS Profile) before their income is assessed? I know that Freshman will automatically have a student contribution of around $1700, and upperclassman will have a student contribution of around $2600, regardless of how much they earn in any give year. I thought that I had heard that students could earn up to $6,120 before their student contribution would go up any higher, but I’m not sure about this. I’m hoping someone can provide a definitive response. Thanks.
Student contributions are determined by the colleges…not the Profile.
Students can earn that $6100 or so before it is assessed for FAFSA purposes.
Profile schools have their own formulas…and they vary.
Thanks thumper1…I just sent an email to the Financial Aid Officer at my daughters school. Hopefully she can give us a specific reply, but she’s not known for her timely responses.
I found that info in the book “Paying for College Without Going Broke” and I thought I read that income is protected up to $6,120 each year (under the Institutional Methodology) before the student contribution would increase beyond the standard amounts. This was a library book that I’ve already returned so I don’t have the info in front of me anymore and there is a waiting list for the book.
I’m trying to help our daughter complete her taxes and complete our own. We’d like to include some of her tax free scholarship money in her income so we can claim a portion of the American Opportunity Credit, but we’re wondering about this question as it will help guide us in our decision making process of how much scholarship money to include in our daughter’s taxable income (if any). We don’t want to do this and take the tax credit if she’ll be penalized after filling out the current CSS Profile which will be based on this tax info.