<p>I'm a bit confused.
I'm starting my application for financial aid and I found out that
FAFS and CSS are the most popular (and the only) financial aids program.</p>
<p>What is the difference between them?</p>
<p>And if I apply to FAFSA, then can I still aply for CSS?
Or do I only get to choose one and not get the other?</p>
<p>They're not financial aid programs. They're financial aid forms. Most schools usually require one or the other, though some require both. The schools' websites tell you which one to file.</p>
<p>Determination of Need</p>
<p>Primary responsibility for meeting college costs rests with students and their parents, to the extent that they are able to pay. The difference between standard costs of education and the calculated family contribution is “demonstrated need.” </p>
<p>Two distinct formulas assess information reported in the aid application process. The traditional institutional methodology (IM), developed by the College Board and refined annually by economists and aid administrators, determines the expected family share of costs. IM is the dominant standard among selective national colleges. Most schools that use an institutional methodology to disburse their own funds use either the CSS profile or their own FA form.</p>
<p>The federal methodology (FM) through the filing of determines eligibility for federal aid. All schools require students who are U.S. citizens or permanent residents to at minimum file the FAFSA if they are requesting FA. The only thing the FAFSA does is determine one's ability for federal aid, (pell grants, seog, stafford and perkins loans).</p>
<p>Differences between the IM and FM models include:</p>
<p>IM collects information on estimated academic year family income, medical expenses, elementary and secondary school tuition and unusual circumstances. FM omits these questions.</p>
<p>IM considers a fuller range of family asset information, while FM ignores assets of siblings, all assets of certain families with less than $50,000 of income, and both home and family farm equity.</p>
<p>FM defines income as the “adjusted gross income” on federal tax returns, plus various categories of untaxed income. IM includes in total income any paper depreciation, business, rental or capital losses which artificially reduce adjusted gross income.</p>
<p>FM does not assume a minimum student contribution to education; IM expects the student, as primary beneficiary of the education, to devote some time each year to earning money to pay for education.</p>
<p>FM ignores the noncustodial parent in cases of divorce or separation; IM expects parents to help pay for education, regardless of current marital status.</p>
<p>FM and IM apply different percentages to adjust the parental contribution when multiple siblings are simultaneously enrolled in college, and IM considers only siblings enrolled in undergraduate programs.</p>
<p>The IM expected family share represents a best estimate of a family’s capacity (relative to other families) to absorb, over time, the costs of education. It is not an assessment of cash on hand, a value judgment about how much a family should be able to use current income, or a measure of liquidity. The final determinations of demonstrated need and awards rest with the University and are based upon a uniform and consistent treatment of family circumstances.</p>
<p>Except in the most extraordinary circumstances, Colleges classifies incoming students as dependent upon parents for institutional aid purposes, even though some students may meet the federal definition of “independence.”</p>
<p>Students enrolling as dependent students are considered dependent throughout their undergraduate years when need for institutional scholarships is determined.</p>
<p>For institutional aid purposes a student may not “declare” independence due to attainment of legal age, internal family arrangements, marriage or family disagreements.</p>
<p>Sybbie has given you good information. To add on...as mentioned, the FAFSA and Profile are not finaid programs. Both are forms which collect financial information which is used byt he colleges to HELP determine the financial aid package they will give you (this is important...the COLLEGE determines the package). Virtually all schools require the FAFSA. Only some require the Profile. You will need to check the school website to find out what YOUR colleges require...and then complete every required form. Also some schools do have their own financial aid forms and if your school(s) has this, you must complete that as well.</p>
<p>Colleges have varying requirements for financial aid applications. The only way to know for sure what your college(s) requires is to read the website for each school. If you don't understand, you can call them and they will explain it to you. BUT it is important to complete ALL the necessary forms for each school and meet the DEADLINES. Do not procrastinate. This is the year your family wants to get their taxes completed ASAP after Feb 1. In fact, for the FAFSA, you probably want to complete it using a "will file" status (meaning you plan to file your taxes but have not yet done so) using estimates ASAP after Jan 1 when the FAFSA becomes available. In the meantime, if you haven't already done so, you AND one of your parents need PIN numbers to file the FAFSA. You should apply for that now.</p>
<p>There is a thread at tacked to the top of this form called "Preparing for Finaid Applications". There are a lot of helpful hints there. I would suggest you read this and maybe some of your questions will be answered. BUT when in doubt, call YOUR school(s).</p>
<p>I have a question about Cornell's financial aid policy..
i've sent the CSS and i will send FAFSA..
but they have their own financial aid form (two pages) that needs to be completed by parents.. i don't quite understand..</p>
<p>If Cornell requires the FAFSA and Profile AND their own aid form, then this is what they require. That is all there is to understand. Cornell requires these to complete your financial aid application and they use information from all three sources. Complete all the forms they require.</p>