Under the “Parent Asset” section of the CSS profile, it asked for the “Current amount in cash, savings, checking, and deposit accounts,” followed by the “Current market value of investments”
My parent has certificates of deposit and money market accounts, which are considered investments, but assumed that these could also be counted as “savings, checking, and deposit accounts.” Thus, the same amount was put for both these questions and now I’m concerned that the amount will be counted twice? Basically, the profile was already submitted with the same large sum put for both “cash, savings, checking, and deposit accounts” and “value of investments” when in reality the amount is just the value of everything combined. I’m not sure if the amounts were supposed to be separated and am terrified of the effect this is going to have on my financial aid.
Did I fill it out wrong and, if so, is there any way to correct it?
The money market and CD accounts are indeed assets. But you only list them in ONE place.
How much mineynare we talking here that was listed twice?
You CAN amend the asset portion of your FAFSA once it has processed if you made a mistake.
For the Profile, you will need to contact each school to find out how the want you to make these corrections.
@BelknapPoint in which fields do each of these go.
Back in 2006 when I did the last one, we included our CDs and money market accounts as part of our savings.
A money market account is a deposit account so should only be listed there. Most CDs are also liquid assets. I’d have put them all in the ‘cash, deposit’ account section and not in investments.
It was around $200K that was listed twice, when the amount was really just the amount in cash, savings, checking, deposit accounts, and investments combined. Are colleges going to look at those amounts and thank that it means we have $400K total? Because that would be incorrect.
I dont know what to do now. This was my noncustodial parent who filled out the profile on his own and then sent me a copy. To correct it, should I be the one to call the schools or should he? Is there any way to resubmit the profile? The difference in amounts is obviously going to have a huge impact on my financial aid
Yes, they are going to think there is $400k in assets. Call the schools and see what they want you to do to make the corrections.
Yes…$200,000 in extra assets will make about a $10,000 difference in your family contribution. At least per FAFSA Numbers.
What did you put on your FAFSA? Did you double enter the assets there too?
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It’s the NCP’s asset, so not on the FAFSA at all.
Ah…the non-custodial Parent Profile. Well…call the schools and find out how to correct that Profile.