<p>I'm a bit annoyed at the fact that colleges want us to pay a fee to complete the CSS profile when it is extremely unlikely we will be considered for need-based financial aid. Do colleges use this in other ways (non-need based aid?)? There is only one college on our list that requires it and it's a long shot. I guess I don't see the point in spending more money for no reason, if there aren't really valid reasons. </p>
<p>Now that said, if a college say costs $60K total per year to attend, our FAFSA says we should be able to contribute $30K per year (whether I agree with that or not!), and the child gets merit of say $10K per year, that leaves 20K left of "need". Do they (meaning these highly respected private colleges) really have resources to fill that gap significantly (and without loans)?</p>
<p>Schools will let you know if you need to file for the Profile for any merit aid. That school sounds like it does not. Yes, private schools with good endowments (those tend to be the “highly respected” ones) do have the $ to fill that need. </p>
<p>If a college requires the Profile for any reason they say…complete it. In other words…if you want to be considered for institutional need based aid…complete it if required…or you will not be considered for one dime of institutional need based aid.</p>
<p>If the schoo requires the Profile for merit aid to be awarded…you must complete it, or your kid won’t get that school’s merit aid.</p>
<p>This is a timely thread…one of the schools my daughter is applying to ( happened to be her first choice ) requires it now for consideration for scholarships. Their policy has changed from the time her sister went was accepted. I don’t think she will qualify for much , but at least we are going to put it out there. Her admissions rep told me that if the EFC is X , then they will meet Y .It’s been several years since I last filled out a CSS Profile . If it doesn’t work out in our favor, then so be it…she will have other options</p>
<p>If you have 30k of need, yes, some schools will fill that as best they can. But, beyond saying, “highly respected private colleges,” you have to be certain these schools have a policy to meet full need. (And whether some of that is in the form of loans.) As the years go by, we can rattle off the names of various schools that are “highly respected,” but leave you with a $ gap, on top of what the Fafsa says you can pay. You need to carefully read their finaid pages, never assume.</p>
<p>In our experience, the schools that met full need were also the ones which required Profile. They require Profile because they want a more detailed look at your finances. So even if your FAFSA EFC is 30,000, that doesn’t mean it will be 30,000 for the Profile school, it could be higher.</p>
<p>Believe me, if it came out higher, and I suspect it would since I did the right thing and put away money for retirement in the appropriate accounts that can’t be tapped easily, then there’s no way she’s going there anyway. I think for me, that’s the issue. </p>
<p>Each school would define your need (and EFC) in a different way. So whether the school claims to be need met or not does not mean you are only paying the FAFSA EFC. In addition, loan is also your money.</p>
<p>^ If I am not mistaken, assets in retirement accounts do not count - only your last years contribution to those accounts are added back in to you income. </p>
<p>My S is at a need only school (no merit aid given at all) which is not an Ivy and our parental contribution was around $10K less than what our EFC suggested, and our income is in the mid $120K. We were pleasantly surprised. </p>
<p>My son’s high school brought in a FA specialist to speak with parents of junior and his advice was to submit FAFSA and CSS profile (at school’s which require CSS Profile) if your income is $300K or less. </p>
<p>Even so legally you might not do anything wrong. My advise to you is to avoid disclose this type of information here. Many soon will jump in to accuse you of gaming the system.</p>
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<p>Such school is nice, right? They asked for less than what we said we could afford in the CSS profile.</p>
<p>Based on what I know, handful schools will ask for less than FAFSA efc, but most of the private schools will ask for more than that EFC. </p>
<p>"Such school is nice, right? They asked for less than what we said we could afford in the CSS profile.</p>
<p>Based on what I know, handful schools will ask for less than FAFSA efc, but most of the private schools will ask for more than that EFC."</p>
<p>It’s nice for me, but I have no idea if it’s true for everyone since everyone has different circumstances. That is one of the reasons I believe it’s better to file for FA then assuming one won’t get any so why bother. Profile schools can do anything they want. I wouldn’t assume anything. </p>
<p>Billsho is fine making that contribution. Somewhere in the wretched confusion of finaid, there is allowance for legit retirement funds. And remember, they only ask for a snapshot, at the time you file. It’s common advice to make your deductions before the papers go in, move that money out of regular savings. Not unethical, per what’s in place.</p>
<p>We were right on target for finaid, got the support indicated. I think what some parents forget is that the Fafsa is our only preview to what the college “might” see as EFC. The CSS is so much more detail and each school will evaluate per its own policies. As we often point out, some will look at your car values, some won’t use the full home equity. </p>
<p>I am confused how someone could put 22K in an IRA in one year. Isn’t the limit $5500 or $6500 per person (the latter if 50+) So for a married couple 50+, 13K? Of course, there is a lot I don’t know about IRAs. (Wait, I think I get it. 11K in December and 11K in January, right?)</p>