I just completed the CSS form but I’m really confused about whether to include the funds we have in our daughter’s 529 fund under parents’ contributions to student resources. Also, do we need to include the money in her sibling’s account? We already included both accounts under assets/investments on a different page but do we also need to say that we can pay this full amount as our contribution? I guess if we include this full amount this year, the number will be much lower next year because we will drain the account in her first year of college. I’d really appreciate any input. So confused about how to best represent this money and maximize our financial aid. Thanks!
All 529 accounts are listed on the FAFSA that you own…because the reality is…YOU can change beneficiaries at any time.
You don’t “say” you are going to pay any amount. You put the values in…and the school will calculate what THEY expect you to pay.
All 529 accounts are counted as parent assets on the FAFSA…not sire what you do,with them on the Profile.
We have always included our 529 account balance among the parents’ investments section of the CSS PROFILE.
Thank you but did you also include this total when asked for parent contribution under student resources?
On the CSS PROFILE, the parent contribution is an annual estimate since you need to complete the PROFILE for each academic year for the colleges that require it. Depending on how much you have saved up, you have the choice of using the 529 balance all at once, spreading it out over 4 years of college, or even saving some for use in graduate school. I don’t think there’s necessarily any expectation that the 529 balance and parent contribution match on the CSS PROFILE.
Agreed. The answer to the expected parent contribution question should be an honest assessment of what you feel you can contribute for the academic year in question.
Thanks to everyone for their help!