CSS is confusing me. please help me

Paying for College
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<p>my mom and i dont understand how to do the CSS thing. there is a section that asks for 2008 income and benefits but we only have the income tax return for 2007. this is really confusing because the CSS is asking questions regarding 2008 income tax return but my mom tells me she is not getting the 2008 income tax return until like april. i am so lost</p>

2

<p>you're supposed to estimate according to 2007 tax return if you are filling out CSS for early decision/action schools</p>

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<p>oh thanks i got really scared. how accurate do you think the estimation has to be? it is going to be difficult for me to do so because my mom hasn't been working since august and probably won't be working for the rest of the year.</p>

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<p>um idk how it works if your mom has stopped work but i would think that you would need to take the tax info from last year and count in how much money she has lost due to not working. estimation has to be just that- an estimate. school's know you don't know for sure.</p>

5

<p>If you mom hasn't been working since August and probably won't be working for the rest of the year, then you can estimate her income pretty exactly by looking at her last paystub from August.</p>

<p>Just do the best estimation you can, and follow the colleges' instructions about how to submit any corrections when you get the final numbers when in early 2009.</p>

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<p>Well...first...as mentioned above, you should be completing the Profile using 2008 estimates. However, you might want to use this year's pay stubs and your bank statements rather than last year's return. This year's information will be more accurate. You can take the latest year to date earnings and figure out what the total will likely be for the remainder of the year (for income, taxes, etc). Your bank statement will tell you the interest earned..again project for the rest of this year.</p>

<p>Also...very important....any financial aid award to get based on estimates will also be an ESTIMATE. Please...this is NOT the year to wait until April 15 to file your income tax returns. Get them done as soon as possible after Feb 1 when you should have all the materials to file. Then amend your Profile and FAFSA to reflect your 2008 tax return information. Your school will then finalize your financial aid award. </p>

<p>I can tell you from personal experience...the estimated and finalized rewards CAN change. DD did estimates. One school reduced her aid by $6000. The others didn't drop it a dime.</p>

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<p>i asked my friend about this and he said i am fine because my family makes below 25k per year and he said i would pretty much get financial aid no matter what. true??</p>

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<p>I don't want to appear stupid, but I have to ask what CSS is?</p>

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<p>CSS Profile is the financial aid form that you will find on the College Board web site (yes, they are involved in that as well!). I don't remember what CSS stands for. You also will need to fill out the FAFSA (Free Application for Federal Student Aid) which has its own .gov web site. That form (FAFSA) will be available on January 1. CSS is out now for the coming academic year. You need to fill out both forms, and they have significant differences, in order to be considered for financial aid at private and public colleges, also for some scholarships.</p>

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<p>Well...you will probably get financial aid, but the question is...will it be enough to pay for the school you wish to attend. That depends on the %age of need the school meets. Many schools do not meet full need and there is a "gap" between the financial aid award and what the student will need to pay for the school after the EFC is added in. </p>

<p>So...aid? Probably? Enough to attend a particular school? Well...that depends on the school.</p>

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<p>So for the "Have the student's parent(s) completed an income tax return for the 2008 tax year" question do you reply "Will file, but have not completed an income tax return"?</p>