CSS - sibling college info unknown??

[cptofthehouse]

@taverngirl

Where I can find this important strategic information because I have no idea what you’re talking about. All I’ve ever heard is to complete the forms as soon as possible. My son just finished sending in his apps last week, so I couldn’t have filled the CSS out any earlier as we didn’t have a final list of schools to which to send. My D is applying for readmission as we speak so that is why I’m doing hers now. Beyond that I’m unfamiliar with the specific way one should go about applying for FA.

It’s a bad idea most of the time to send out financial aid after the given deadlines or right near the deadlines, particularly to schools that specifically urge applicants to submit as soon as possible. Some of that money could be gone if you are a latecomer. Almost Certainly, if you are too late, after deadlines.

However as @BelknapPoint lays out in his post above, if you have assets sitting in your account earmarked for a project, it might be a good idea to pay for that project before submitting the fin aid with that amount included. You get hit about 6% on parental assets. Even more for students’. Very good idea for the student to start picking up expenses or reimbursing parents for stuff to zero out their bank balances on the day financial aid info is submitted.

Also, any large monetary gifts or payments on behalf of student should go to parents rather than directly to, or on behalf of kid because monetary gifts to parents are not reported on FAFSA, Those amounts are supposed to be reported as untaxed income to student income, however, if given to or on behalf of student, and get hit a whomping 50% if it goes over the $6660 point or thereabouts onto the EFC.

[taverngirl]

Thanks for the clarifications, all. We have no extra funds hanging around, so no worries on that front. I did pay some large bills ahead of schedule before I submitted the FAFSA. D has little money - what she earned over the summer was put towards school. S has pre-spent down a good deal of his, but I will have him do more before we hit submit on the CSS.

@BelknapPoint Regarding readmission - D withdrew from the college she attended as a freshman due to a drop in FA. She is now at another college hoping to be readmitted to the first with enough merit aid to make it possible to return. There may be a chance (according to first school) that she will also be eligible for a small amount of FA as well, if S attends a private college.

[cptofthehouse]

@taverngirl

Thanks for the clarifications, all. We have no extra funds hanging around, so no worries on that front. I did pay some large bills ahead of schedule before I submitted the FAFSA. D has little money - what she earned over the summer was put towards school. S has pre-spent down a good deal of his, but I will have him do more before we hit submit on the CSS.

@BelknapPoint Regarding readmission - D withdrew from the college she attended as a freshman due to a drop in FA. She is now at another college hoping to be readmitted to the first with enough merit aid to make it possible to return. There may be a chance (according to first school) that she will also be eligible for a small amount of FA as well, if S attends a private college.

Huh! I know someone right now in same situation. Apparently with sibling in college, there is a chance that the financial aid package will make it affordable. In this case, student had sibling in college freshman year, which made aid packages doable. Sibling graduated and aid was drastically dropped. With another sibling in the wings, the college feels the aid will go up to close to original award amounts.