I assume you’re dividing the value of your 529 plan in 4 to answer the question? The question is done at an annual value.
I’ve run the numbers on the NPC and it roughly aligns to what we can afford and what we’re comfortable contributing towards DS’s education. Therefore I rounded it down slightly and that’s what I put on the CSS. Like a few above, I don’t know what the purpose of asking the question is since it really shouldn’t be factoring into anything they’re going to calculate.
Only if the school actually considers this data. And really, there has never been any evidence that the answer to this question has any bearing on the need based aid calculation.
If the school is need aware, I would think they would like to know how much aid the student is going to need.
I’m new to this and just blindly working through it
The “need” is formula based on income and assets of the family of the student. The formula can/will be different from one school to the next but it’s not an arbitrary “how much do you think you should have to pay and we’ll cover everything else” sort of thing.
That is true…but the school calculation to determine need based institutional aid does not take this question into consideration as far as anyone can tell. It’s the other financial data provided that the schools use to calculate institutional need based aid.
So…if you earn a million dollars and put $0 for what you plan to contribute…that won’t matter. Your need based aid need will be determine by your high income.
Lots of people plan to contribute a lot less than what the schools calculate they expect you to contribute!
Yes, dividing by 4 for the annual contribution amount. Thanks for the reminder - important point!
All good points, thanks I’ll make some changes to the CSS
I’m a big fan of just answering the questions honestly. We just put down the amount we felt we could pay. Let’s just say…the schools didn’t make up the difference🙄. But we were able to do so out of current earnings…so it was fine.
We are rtying to be diligent but what if we miss to add a college on CSS profile and we don’t even know we missed it until application is sent or much later, what are the implications? Can we add later?
Yes…you ca. add a college to submit the Profile. You just log back into your account to do so…and of course…pay.
Just please…do NOT miss any deadlines. Check the deadlines for each college. And don’t miss the deadlines by even a minute.
Sorry one more question, if we miss the deadline for CSS, will it impact application as well or we won’t get aid?
Why would you miss the deadlines posted clearly by the colleges? Why? Just don’t miss the deadlines. Colleges have them for a reason and they are clearly stated on the college website.
If you don’t get your financial aid application materials all sent in by the deadlines, at most colleges this will be viewed as an incomplete financial aid application, and you won’t get any need based financial aid.
Re: admissions…your financial aid application won’t matter at all to admissions.
But if you need aid to attend, you could be dead in the water if you miss the deadlines.
Question about documents requested via IDOC after CSS submission -
We have no W-2 (self-employed).
For 1099 requested - is this all the 1099s we have received, not just 1099-MISC?
So also upload any 1099-INT, 1099-DIV, and 1099-R?
I would upload all the 1099 forms you have received. I’m not an expert…but they asked for 1099 forms…
They’re looking to validate the sources of income that make up the wages you reported on your tax return.
I don’t know how you do that from a self-employment standpoint but from a 1099 standpoint I would upload all of them.
I am taking out all of the optional info. I currently have 1 in college and 2 more going next year. I have no idea how much I will be spending until I know where they are going. I also did not know what to put for my son’s expenses who is already in college or why it matters. NPC never asks this and it did not say required.
I have double and triple checked and some college don’t need CSS profile but only Fafsa, not knowing something is the only reason for missing deadline. UCs and Cal state colleges don’t need CSS correct, most of the private ones do.
Looks like we have to upload some material after submitting CSS profile.
CSS is not tough if you are ready with all the information, its one application with all the info, we don’t have to submit same information again and again for separate colleges. I watched the videos posted on this thread and it helped.
There are about 3000 colleges in this country. I think about 300 or so use the Profile…so…I don’t think that includes most private colleges.
Around 250 schools require Profile, but that includes some graduate schools. List here (but always confirm on each school’s website):
https://profile.collegeboard.org/profile/ppi/participatingInstitutions.aspx
Some schools, like Princeton, use their own form.
After submitting the CSS profile I uploaded all the requested documents on IDOC 10 days ago. There is a green checkmark saying all documents requested have been received by the school. And yet IDOC/college board is sending an email everyday saying I need to upload documents. Anyone else getting these emails even though the documents have been processed?
I will call the IDOC helpline on Monday but wanted to see if anyone else is getting the same emails.