This CSS question puzzles me: “How much does the student expect to receive from the following sources to pay for educational expenses for the 2019-20 academic year? The student’s parents: ________”
(1) The answer depends on the eventual FA package, so who knows! So circular.
(2) When coming up with an estimate, should 529 funds be included?
Yes, the question is quite ambiguous.
(1) You could answer with the amount that the parents could reasonably contribute for the student’s educational expenses, without considering possible financial aid.
(2) I would say yes, if the parents own the 529 account.
I’m not sure how or even if the schools use the data collected here.
Ugh, I struggled with this too. I did not include 529 in my accounting, probably should have…
We had already run for NPCs for those schools that required the CSS. Based on that in context with what we hoped we would have to pay, we used a number we felt was reasonable to hope for/expect.
Imo, it means without waiting for FA awards. Don’t overestimate, nor project loans you would take. If you can only put out, say, 5k, use that figure. It is not something FA uses in awarding money, unless, I guess, you say some high figure.
Thank you everyone for all the helpful answers!
IF you think you are going to be eligible for need-based aid and you are pursuing that as a strategy, I recommend you calculate your EFC and then use something close to that number. (IF your EFC is really low, I say use a minimum of $10K as the answer). In my opinion, do not insult them with an abnormally low number. IF your EFC is extremely high, then I recommend using what you think you can reasonably afford and/or borrow per year (your college “budget”). Saying something like $30K minimum in this case is reasonable…
Never put in more than you feel you can truly afford. Don’t use 30k, or even 10k, if that’s not accurate for your family, before loans. Loans are a later decision.
Thank you, @perilous & @lookingforward. I think I now get the gist of the question and will provide a figure along the lines of what we can reasonably afford.