<p>One of the schools my son is applying to has a January 15th deadline for submitting FAFSA and CSS Profile to their respective processors. His other schools have either a February 1st or 15th deadline. </p>
<p>Since I'll have to amend my submissions as soon as I get all of my tax documents, is it better to submit only to the one school now and not send to the rest of the schools until I have better / final information? Or, should I send to all schools now and update to all of them when I've got my tax documents / forms complete.</p>
<p>Tough question! But I will attempt to reply from whatever knowledge I have:
Depends on volume of amendment and what is the type of final financial information you are waiting for. If there is not substantial amendment required I would send to all of the colleges right now. One advantage of sending now is you would be early for those colleges.</p>
<p>However, if you are into some financial transactions (regarding asset movement) and your filing will be affected because of such movemement, I would wait until that is complete to send to other colleges - particularly those requiring to file PROFILE (meaning they will apply insitutional methodology). </p>
<p>Hope that helps, I would be interested to see others’ views as well.</p>
<p>I’m in a similar situation, and I think waiting is a good idea, if it can be done as a practical matter. </p>
<p>Son applied early, so we need to amend that early Profile filing for a bunch of 2/1 deadline schools. It’s clear to me that we can do that. My big question is whether I can amend the Profile a second time to submit to Yale, which has a 3/1 deadline. There are 3 reasons I would like to amend for Yale instead of sending it with the second bunch: because we’ll have our taxes done by then; because assets seem to be dwindling during the current market turmoil, so I might as well have the most current info; and because the question about how much parents think they can contribute and the student’s summer earnings expectation should be answered in a way that reflect’s the new financial aid program there.</p>
<p>So, does anyone know if Profile can be amended twice? Or is it a single-pass deal?</p>
<p>Further along the lines of rainmama’s situation…</p>
<p>After filing my CSS before the March 1 deadline, I expect by May-June the following changes in my up-to-now cash-flow poor/asset “rich” financial picture:
I’ll be employed full-time for the first time in 3+ years (2007 = zero wage income)
Tenants of 1 of my 2 rental houses (both with zero mortgage debt) will buy the house
I’ll roll over the whole principal (to avoid cap gains) into additional rental property with the maximum amount of mortgage debt the bank will let me take on. </p>
<p>After the above, if I amend my CSS on file with Yale, Savannah College of Art and Design, Kenyon and U of Findlay, will any of them be able/likely to re-consider the aid package offered to my daughter?</p>
<p>You will still have the same net value of assets. If the are worth $100,000 and you sell them for that then buy new ones for $250,000 with a $150,000 in mortgage your net asset will still be $100,00 won’t it? Or am I missing something (I admit I don’t know how CSS works). </p>
<p>And your having income where there was none before will hurt rather than help as far as finaid is concerned.</p>
<p>True, swimcat, but it sounds like the income aspect won’t hurt this year since colleges are looking at the base year of 2007. Next year, the income will affect your EFC. </p>
<p>Batmando, you might want to look at “Paying for College Without Going Broke” to help with some of the implications of these changes. I finally checked it out of the library after seeing it recommended on this forum many times; it’s an excellent book.</p>
<p>2 houses @$150,000 each = $300,000 assets and $0 mortgage debt
Keep 1, sell 1, buy 3 = 4 @$150,000 = $600,000 assets and $300,000 liability.
Net assets remain same @$300,000, but not leverageable, ie., can’t borrow any more against it as opposed to current unencumbered $300,000 assets.</p>
<p>Net rental cashflow on 4 units (with mortgages on 3 units) also likely will be less than current net cashflow on 2 units (with zero mortgage debt), somewhat off-setting full-time employment income which very definitely will impact aid package for 2009-2010.</p>
<p>The question was/is will any of the schools be able/likely to re-consider the aid package offered to my daughter for 2008-2009? </p>
<p>May have answered my own question: aid packages announced in/around April so I wouldn’t be filing an amended CSS thereafter.</p>
<p>My answer was/is - The schools don’t care whether the asset is leverageable - they just care about the net value of the assets. That being the case there would be no reason to reconsider the aid package.</p>