<p>I understand that FAFSA should be filed as soon after Jan 1 as possible. Even recommended that we estimate on taxes using last year's (2009) taxes to do so. Also, that CSS is available on Oct 1. What I would like to know is whether is also a good idea to submit the CSS profile as soon as possible after Oct. 1 or is it OK to wait until we file the FAFSA in early January. Thanks for your responses.</p>
<p>The CSS is often done early so that students applying ED or EA can get an early estimate of financial aid. If you do not fall into that category – if you are not applying ED to a school – then there is no particular benefit to filling out the profile early – the college financial aid department generally won’t start working on a file until the FAFSA has arrived as well. Although a FAFSA can be amended, a CSS can’t – so in some cases you can create a disadvantage for yourself if you overestimate income at the time you do the CSS – so it does make sense to do both forms around the same time.</p>
<p>I do think it makes sense to go ahead and register at the CSS Profile site and start filling out a worksheet — I’m not sure, but I don’t think they actually charge you money until you do a final submission, and I think you can save a partially filled out form online, and come back to work on it later. Starting early will get you thinking about various issues and give you time to check out information that you might not readily have at hand. The CSS does ask for a lot of information that is not on FAFSA, so it makes sense to get started early … there’s just no particular advantage that I can see to submitting it ahead of time.</p>
<p>Since most of daughter’s schools had a Feb 1 deadline for both forms (IIRC, or maybe Feb. 15), I did ours a few days before the end of January. Husb. is paid once a month. At the end of any month, right before the paycheck is auto-deposited on the last working day, our bank balance & cash on hand will be lowest, which will give the lowest EFC. Pay off whatever you can to minimize assets before filing the forms. Granted, assets are assessed at a much lower rate than income, but still…</p>
<p>When forms are due for returning students next spring, I think I’ll wait until our share of spring quarter tuition is paid…</p>
<p>Even if you don’t have the W-2(s) in hand in late Jan., you can do a real good estimate by looking at the Dec. 31 paystub(s).</p>
<p>For those who are self-employed, it’s a whole 'nother kettle of fish, obviously. Good recordkeeping will make it easier for you to do a reasonably accurate estimate.</p>