Since 2017-0218 CSS Profile data is now based on year 2015, and I have the exact numbers for that. (I’ve finished my 2016 numbers too), I was surprised to see that the form in the PI section asked for “estimates.” I don’t remember that when I filled out last year’s form. I was told by the online chat person and the person I talked to on the phone that that form is all there is. I don’t want to estimate numbers from vague questions. I want to enter a number from my tax form. Actually, I want them to do what FAFSA does and download the information from the IRS. With “estimate” I have to think about what they really want and work backwards from the real numbers. Why should I estimate when there is no need to do so. It’s extraordinarily annoying even though this will be the fourth time I’ve filled this out.
So, my question is whether this is really the case - that I have exact numbers and they could download our taxes from the IRS, but I have to now “estimate?” Maybe I don’t remember the previous years because it was such a horrible experience. Just don’t get me started on college EFC formulas. There is a lot of false advertising.
Profile has in past years also asked for estimates. If you have the exact numbers from 2016, then use the exact numbers. The 2017-2018 Profile also asks for 2017 income estimates.
Profile can’t download your numbers from the IRS. Profile is run by the College Board, which is a private organization. The IRS can’t give them access to your tax records, and you wouldn’t want them to. FAFSA is run by the U.S. Department of Education, which just like the IRS is part of the federal government.
I did the Profile years ago…and it asked for estimates for the following year. That hasn’t changed. But really…since you HAVE the 2016 exact numbers…you don’t need to estimate. You can give them the real deal.
That estimate for the following year question is not used to compute your need based aid for the academic year for the Profile filing.
But they don’t ask for exact numbers, like what’s on line 10 of your 1040. They ask for estimates that have to be constructed from combined lines of your tax return. Why can’t they use my CSS numbers from last year? This process is so annoying and unnecessary. The college has our exact the tax numbers. I could never understand why we had to fill out CSS estimates for exact data that they end up getting from the IRS. And now that they’ve started to use the previous year, estimates are unnecessary for CSS. Perhaps their form will end up changing, but they act like they are completely unprepared. Just do it seems to be their response.
The whole process of CSS Profile and College Grant formulas has to change. It can be gamed and it discriminates against savers and older parents. If you save from your income to pay for tuition, then it’s counted as an asset when you submit the forms. If, however, you just take out more equity loans to pay for tuition, you save the 5% penalty on that money (which you’ve spent and not saved) and you reduce the excess equity on your house that gets counted at 5% each year. That can be huge for older parents. No matter what colleges say, that requires loans. Some college formulas do not cap excess house equity and do not allow for a standard deduction from non retirement assets. Colleges won’t tell you what their formulas are, but it’s easy enough to reverse engineer from their online calculator.
You are applying for thousands of dollars potentially in need based financial aid. I’m sorry, but I disagree with you completely. The process IS necessary…and not annoying. If you want to be considered for aid…do these forms.
If you don’t want to be considered for aid, don’t do the forms.
I’m sorry, but I disagree back completely. The process of entering estimates for real data is NOT necessary. They have the real numbers already for 2015, but I have to go back and enter estimates.
That’s just for their paperwork. My points about the formulas are different and fall into the category of fairness and clarity. CSS schools’ claims on their web sites do not match reality.
Your argument that because I’m the beggar, I have to shut up and take it doesn’t fly. I have to take it, but I won’t shut up, thanks.
They want estimates of your 2016 income…not your 2015 income. You should have entered the 2015 data on the Profile.
You HAVE the actual 2016 data. No one is telling you that you MUST estimate when you have the actual data for 2016. Just enter your real numbers.
I never said you were a beggar. Please don’t put words in my mouth. I said…you were asking for need based aid. Lots of people ask for need based aid. It’s not begging.
You’ve seen the Profile for a while, right? This isn’t your first kid in college. All,that has changed is that the actual year used toaward aid is prior prior tax year. That’s really the only change.
There are four questions on the 2017-2018 Profile about 2016 income and benefits:
-Parent 1 earned income
-Parent 2 earned income
-Other taxable income and benefits parents received or expect to receive
-Untaxed income and benefits parents received or expect to receive
This isn’t that hard. For most people I expect that while the numbers may be different from 2015, the categories of income and benefits will still be the same. You’ve already obtained all this data when reporting 2015 information in the previous section of the form, so you should know where to find the same data for 2016.
I agree with Thumper1: the effort required to provide the information pales in comparison to the potential payoff. But, if you think it’s not worth it, you always have the choice to simply not put forth the effort.
They have this data from last year and the form did not fill them in. It filled in other values. “This isn’t that hard.” Yes, that isn’t a hard thing to do - fill in numbers they have. This is my fourth year doing this - FAFSA, CSS Profile, and all of the other paperwork and I’m supposed to be happy with it all because the payoff is so good. No. There is a lot they can do to make the process easier. When I talked with my son’s college financial aid people today … they agreed. It sounds like both of you have vested interests.
@PianoParent
I have NO vested interest in the fafsa, or Profile. But I DID complete both forms for many years for my kids…many.
In fact, for one of my kids, it was a requirement for disbursal of a completely merit based music performance scholarship…based on his audition. Yep…had to do the Profile in addition to the fafsa.
Oh…and guess what? That kid got selected for verification EVERY single year. The only federally funded aid he got was an unsubsidized Direct Loan.
We sent the verification materials every year…because that is what the school required.
Uh… no. Just responding to your complaints about having to put forth a little effort in order to get some free money. Could the process be made easier? Sure, that could be said about pretty much anything. But I don’t begrudge the schools asking for detailed information in an effort to make the financial aid process as equitable as possible. It will never be perfect for everybody.
If you’re talking about the 2016 numbers, what “they” have (for those who completed the 2016-2017 Profile) is 2016 estimates that were provided last year. Presumably, those estimates have either become solid numbers that are easily reported, and probably differ from the estimates 12 months ago (or whenever the last Profile was submitted, or they are revised estimates. I don’t know what you mean when you say that the form “filled in other values.”
The FAFSA will fill in your tax return financials for the right year…IF you link to the IRS data retrieval tool. You can’t do that with the Profile.
What was “brought over” on your Profile besides demographic information?
ETA…a renewal Profile takes about 45 minutes to complete. Really…maybe less than that.
FAFSA was a breeze, but not CSS Profile - for data they already had. It didn’t have to be that way. Forty five minutes for the whole process? Really? Thanks for the self-righteous responses.
Really, if it’s that much of a burden for you, just don’t do it.