<p>I am just finalizing my 2007 Tax return. DD has been accepted ED to her dream school who has awarded us a relatively small need based package based on the CSS I filed in November (some grant, some loan). CSS was based on estimates, of course. My estimates of Income were just about Dead-on, but my estimate of "Taxes your Parents will pay for 2007" was underestimated by around $6000! (ouch). </p>
<p>Does anyone know, will this affect my final award - does the Actual Taxes paid factor into the calculation of the CSS EFC?</p>
<p>I know it does for FAFSA so it might (should I hope for your sake) for CSS. I would contact the school ASAP and ask them and file changes to CSS.</p>
<p>Yes, according to "Paying for College Without Going Broke" - a very useful book on the FA topic, a higher income tax paid figure will decrease your EFC. (At least that's how I read it.) The school will want your 2007 return, so you should ask them to reevaluate the offer based on this new information.</p>
<p>Yes, rainmama, they do want my 1040, and I also have to fill out FAFSA for them. Deadline for that is not until May - but based on what you and swimcatsmom are saying it may be in my best interest to contact them asap to discuss re-evaluation of the package....</p>
<p>That's what I get for going back to work full time. Silly me, thinking that the increase in tax would be linear in relation to increase in income. I should know better, I am an accountant.</p>
<p>Thought I would post to provide some closure to this thread. </p>
<p>I called the FA office the following Monday. The woman I spoke to suggested that I mail in copies of the signed 1040 as well as a University form and a note explaining the issue. She wasn't really encouraging as to whether the award would be increased...in any case I sent everything off that Tuesday, with a request to have the package reviewed.</p>
<p>Today, we recieved the revised package. The subsidized Stafford loan remained unchanged at the $3500 maximum. </p>
<p>The University need based scholarship of $3900 was eliminated....and replaced - with a Merit-Based "Dean's Scholarship" of $10,000!!!! Hooray!</p>
<p>(If I only knew how to put in the big smiley with the teeth, I would!)</p>
<p>We are thrilled with the outcome. I'm not really sure how we moved from a need-based package to a merit-based one, but it fine with us! I think we were just "at the right place, at the right time."</p>
<p>The moral of my story is...it doesn't hurt to ask!</p>