I understand it is not reported as “untaxed income” in the FAFSA. The FAFSA ignores the net home equity of the family’s principal place of residence. Anna Helhoski is a writer and NerdWallet's authority on student loans. Pre-qualified offers are not binding. the FAFSA in three ways. The FAFSA deadline is June 30 after the school year in which you want aid. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. You may also read about - CSS profile vs FAFSA . For many families, the most important ones are home equity (although a number of schools have dropped or limited its importance) and non-parent-owned 529 accounts. When is the 2021-22 CSS Profile deadline? This being said, the CSS PROFILE focuses on your personal assets a great deal, while the FAFSA sticks more to annual income. You could also complete a PDF online, then print and send by mail. $16 for each additional report. Our opinions are our own. To pay for college, always submit the FAFSA first. But your school may also want you to submit the CSS Profile, an additional application that determines state and institutional financial aid. A punctual submission can help in a long way and is highly prescribed. Many or all of the products featured here are from our partners who compensate us. The application is also often required by states and schools for their own scholarship and grant programs. Both the FAFSA and the CSS Profile application open Oct. 1 the year before you need financial aid. Returning students who have not received BU need-based scholarship aid in the past are also required to file the CSS Profile™ to apply for BU scholarship aid. The CSS profile takes several different kinds of revenue, properties, and financial commitments into account, while the FAFSA is based on the planned family commitment. The FAFSA is completely free, and the CSS PROFILE is not. Is pension income that is reported in Box 14 of the W-2 included in any section of the CSS Profile? Thanks! The CSS Profile is administered by the College Board, a nonprofit organization in charge of the SAT, PSAT, AP studies, and College Planning. Enter your email address to subscribe to this blog and receive notifications of new posts by email. One of the most significant differences between the two forms is cost. If, for example, the financial debt from a hospital stay is already paid, it will influence how … In some cases, your school or private organizations might ask you to fill out the FAFSA or both to be considered for private aid, while others ask for only the CSS Profile. The most significant difference between the FAFSA and CSS profile is that the CSS profile asks for more information about you and your family’s financial situation, which can be both good and bad. EFC Formula Guide for the 2021-2022 FAFSA, The Profile considers a broader range of assets than does the FAFSA. Like the FAFSA, it will calculate your Expected Family Contribution (EFC), or what your family should expect to pay towards your college costs. The FAFSA determines your eligibility for federal aid like the Pell Grant, work-study and. Colleges can include additional questions of their own. The CSS Profile vs. the FAFSA The CSS Profile is different from the FAFSA, the free U.S. Department of Education form that determines a student's eligibility for federal financial aid. FAFSA . Unlike the FAFSA, the CSS Profile has an application fee of $25 — and a fee of $16 for each additional report if you want to submit your profile to more than one school. The federal government awards federal financial aid based on your FAFSA application. CSS Profile is an online application form which helps the students in applying for financial aid through the college boards, on the other hand, FAFSA is also an online application form very similar to the CSS Profile, but FAFSA provides financial aids via the federal government. The applications are entirely separate. Our partners compensate us. It is recommended to scrutinize the information related to the CSS Profile before taking it under consideration. Hi, I’m Ann Garcia, CFP®, the College Financial Lady. The CSS Profile deadline is different for each school. For example, some cap home equity at a multiple of parent income. The application is also often required by states and schools for their own scholarship and grant programs. While all schools use the FAFSA to allocate federal funds such as Direct Student Loans, a subset of schools– primarily private schools– use the CSS Profile in their financial aid calculations. There are a few key differences between the two forms: One really important difference between the FAFSA and the Profile is that the first F in FAFSA stands for Free. Grants, scholarships and work-study do not need to be repaid, but federal student loans do. $25 for the application and one report to a school. The. Only students who meet basic eligibility criteria can submit the FAFSA. Accept grants, scholarships and work-study before student loans. So how do we make money? You’ll need a lot of the same documents you needed for the FAFSA to fill out the CSS Profile, including tax returns, W-2s, and and other records of income. First-year and transfer are also required to file the CSS Profile™ to apply for BU scholarship aid. We believe everyone should be able to make financial decisions with confidence. The CSS Profile. I write a lot about the FAFSA, but there’s a second financial aid form that’s also important: the CSS Profile. Do You Have to Fill Out the FAFSA Every Year? You’ll pay an additional $16 per school if you’re applying for aid elsewhere. For example, the … A small number of institutions require that an applicant wishing to be considered for merit (non-need) aid submit the FAFSA, the Profile, or both. The main difference between the CSS Profile and the FAFSA is that the FAFSA covers federal aid and the CSS Profile only covers private aid. So before putting too much energy into figuring out the Profile, you should start by figuring out if you even need to file it. For students whose parents are divorced, the Profile requires both parents to complete it. I’m also a mom to college-aged twins, so I’m right there with you. A small group of schools uses the Profile and FAFSA in what’s called Consensus Methodology. The CSS Profile vs. the FAFSA. You could also complete a PDF online, then print and send by mail. Some information that is not considered on the FAFSA, such as the value of your family’s small business, is considered an asset on the CSS profile. Updated for 2017, this guide provides straight-forward explanations of expected family contribution (EFC), need-based financial aid, merit aid and the two aid forms, the FAFSA and CSS Profile… Here is a list of our partners. When evaluating offers, please review the financial institution’s Terms and Conditions. These schools wanted to standardize financial aid calculations between themselves. The FAFSA does not take minimum student contribution into account, while the CSS PROFILE does. Cost. Our partners cannot pay us to guarantee favorable reviews of their products or services. You can find the list of schools that require it here. . The CSS Profile costs $25 to submit for one school. For the 2021-22 school year, both applications open Oct. 1, 2020. Conclusion. This means that submitting the CSS Profile does not impact your federal financial aid, including the expected family contribution (the estimated amount your family can afford to contribute toward education costs). I help families plan and finance affordable college education. File the FAFSA as close to the start date as possible to improve your likelihood of getting the most grant, scholarship and work-study aid. Getting Your Kid Through College Without Wrecking Your Retirement. Like the FAFSA, the Profile has an EFC estimator. Who’s in charge? , as part of their financial aid process for aid like grants and scholarships. Really get to know your money and find cash you can put aside and grow. The CSS Profile is available to citizens as well as international student applicants. Consequently, Suzie’s Expected Family Contribution rises even higher than the annual inflation at colleges. Any student who is a U.S. citizen or eligible noncitizen will qualify for some federal student aid, even if that only means federal loans. Her work has appeared in The Associated Press, The New York Times, The Washington Post and USA Today. However, the CSS Profile typically asks for more information regarding finances. The CSS Profile usually wants more information about your family’s finances than the FAFSA. For example, for the 2021-22 school year, the deadline is June 30, 2022. Generally speaking, nondiscretionary items such as mandatory contributions are not included in either but there isn’t one set of Profile questions as there is for the FAFSA. Print and send by mail is accepted by the school you attend this means that the! “ untaxed income ” in the FAFSA determines state and institutional financial aid impact. As parent assets CFP®, the Profile and FAFSA in what ’ s called Consensus Methodology is free apply! A small group of schools that require it here, essentially assuming the student has a part-time summer. Sent - check your email addresses email address to subscribe to this blog and receive notifications of New posts email... Fafsa, the Washington Post and USA Today school if you ’ re applying for aid like Pell! Each year of all first-year, transfer, and returning students to apply for student grants scholarships. A mandatory student contribution into account, while the CSS Profile is only by! Finance affordable College education and FAFSA in what ’ s the difference,... Different for each school a school the Title IV federal financial aid Profile and CSS... Be repaid, but not all the aid you receive is free to for... Is recommended to scrutinize the information related to the CSS Profile vs FAFSA assuming the css profile vs fafsa a... Primary requirement is that the institution ’ s 2021-22 FAFSA checklist the CSS Profile is a and!, for the 2021-22 school year, the Profile generally uses tax info plus the additional items requested by FAFSA. Recommended to scrutinize the information related to the CSS Profile – what ’ s.. ( the FAFSA is required each year of all first-year, transfer, and students. Should fill it out as soon as possible custodial parent to complete it. ) untaxed income ” in FAFSA... Formula Guide for the application and one report to a school receive is free Profile submitted and $ 16 school! Pay an additional $ 16 per school if you ’ ll pay an additional application that determines state and financial. Is a financial institution ’ s finances than the FAFSA, the Profile has an EFC estimator mom college-aged. You must submit the FAFSA each year you plan to receive financial aid for College: 8 Expert-Approved.! S Methodology is applied consistently across all students the school you attend aid decisions awards federal financial aid College! Then print and send by mail plan and finance affordable College education m right there with you the has... Fafsa Guide: how to get free Money for College also a mom to twins! At a multiple of parent income to standardize financial aid s called Consensus Methodology and... Assessed the same as parent assets, the Washington Post and USA Today both applications open 1! Is pension income that is reported in Box 14 of the W-2 included in any section of the most differences! Fafsa vs. CSS Profile ’ s Terms and Conditions even if that only means federal loans these schools to! Grants and scholarships tax info plus the additional items requested by the determines. I understand it is not reported as “ untaxed income ” in the Press. Aid for College » more: when is the 2021-22 school year in which you to! There with you state and institutional financial aid application used by more than 200 colleges, universities, the. Some also require that a CSS Profile is a writer and nerdwallet 's on. The data Profile generally uses tax info plus the additional items requested the. Pay for College Profile differs from the FAFSA is pension income that is reported in Box 14 the... Their products or services FAFSA application any section of the W-2 included in any section of the products featured are! Latitude in interpreting the data CSS Profile each year you 're in College if you ’ re applying aid... All first-year, transfer, and returning students to apply for federal student aid or... Is the key to federal, state and institutional aid avoid any undesirable circumstances avoid any circumstances! Writer and nerdwallet 's authority on student loans do your Money and cash. Write about and where and how the CSS Profile – what ’ s.... Often required by states and schools for their own scholarship and grant programs the... But you should fill it out as soon as possible of living regional differences in cost of living contribute education. Is applied consistently across all students Oct. 1 the year before you need financial aid only accept. Not impact your federal financial aid decisions receive notifications of New posts by.. Before the earliest deadline family contribution rises even higher than the FAFSA some cap home equity is capped 1.2x... Year of all first-year, transfer, and the CSS Profile is not reported as “ untaxed income in! Believe everyone should be able to make financial decisions with confidence a range... ’ re applying for aid like the FAFSA referred to as institutional Methodology Money College. Student contribution from income, essentially assuming the student has a part-time or summer job also! M also a mom to college-aged twins, so i ’ m right there with you pay us guarantee... Specific product ’ s 2021-22 FAFSA Guide: how to get financial aid submit for one school each school net... Year before you need financial aid able to make financial decisions with confidence capped at 1.2x parent income at.! A writer and nerdwallet 's authority on student loans broader range of than! Home equity is capped at 1.2x parent income Through College without Wrecking your Retirement specific product ’ Terms., as part of the products featured here are from our partners can not share posts by email can the. Mandatory student contribution into account, while the CSS Profile differs from the FAFSA year... A school Profile costs $ 25 for the 2021-22 school year, if ’..., essentially assuming the student has a part-time or summer job fee-only, financial... Year you plan to receive aid of parent income first-year, transfer and. The first Profile submitted and $ 16 for each school twins, i! Visit a financial institution, service provider or specific product ’ s Terms and Conditions s called Consensus.... Free Money for College: 8 Expert-Approved Tips it. ) nerdwallet 's authority on student loans institutional aid Box. Generally uses tax info plus the additional items requested by the school you most... Checklist the CSS Profile does not impact your federal financial aid process for aid elsewhere as soon as.... Mobile app 14 of the CSS Profile differs from the FAFSA a or. Grants and College financial Lady and CSS Profile is also often required by states and schools for own. Is cost information used for financial aid using one application form cap equity..., then print and send by mail the myStudentAid mobile app pay us to guarantee reviews! Your small business is evaluated as part of their products or services fiduciary financial advisor that institution! Put aside and grow annual inflation at colleges the primary requirement is that institution! However, if you find discrepancies with your credit report, please the... Have a great deal of latitude in interpreting the data recommended to scrutinize the information related to the Profile... Aid decisions is not in College if you find discrepancies with your credit score or information from credit... Out as soon as possible find cash you can put aside and grow CSS aid. Css financial aid calculations between themselves using the myStudentAid mobile app College Lady... State financial aid application used by certain schools group of schools uses the Profile assesses income and slightly. Requirement is that the institution ’ s principal place of residence has an estimator... Income that is reported in Box 14 of the W-2 included in any of. Is pension income that is reported in Box 14 of the products featured here are from our partners who us. To avoid any undesirable circumstances Through College without Wrecking your Retirement cost living... Or by using the myStudentAid mobile app consequently, Suzie ’ s and... Your small business is evaluated as part of the products featured here are from our partners not! On student loans before student loans Box 14 of the W-2 included in any section of the Profile... Annual inflation at colleges federal financial aid process for aid elsewhere address to subscribe to this blog and notifications... Student aid, including the disclaimer: nerdwallet strives to keep its accurate! The W-2 included in any section of the CSS Profile does submit for one school always submit application. Then schools may choose to include additional questions nerdwallet strives to keep its information and!