<p>I am filling out the CSS/College Profile. We do not qualify for need based aid and do not expect to get any. However, there are a few schools where son might possibly get merit money. One of these is Brandeis. The school requires the CSS/College Profile for merit scholarships (though they don't require the FAFSA). I assume your income and assets will feed into their calculations and influence how much a student would get, even if they are eligible.</p>
<p>I have three questions:</p>
<h1>1. First, in #26 K, the form asks for the "amount the student's parents think they will be able to pay for 2006-2007 college expenses." If we had to (i.e. if no merit aid was forthcoming), we would obviously foot the entire bill. Is this what I would put down?...the estimated amount for tuition, room and board, books, spending money.....the whole banana, even if it would mean some belt tightening? Or do I put down the figure we'd feel "comfortable" giving? Am I shooting myself in the head by saying we could pay for everything?</h1>
<h1>2. Second, we have a 529 college savings plan for son. Is this different than a 529 prepaid tuition plan? (I think so.) I assume that we do not list money from this 529 in #26 I, which asks for amounts expected from "prepaid tuition plan withdrawals"? Does the 529 college savings plan just go in with our other assets?</h1>
<h1>3. ** Here is the cruncher question....** If a family does not qualify for fin aid, does it make sense to apply for merit money from a school where they require the Profile? Is this an implicit tip off that the school believes merit money should only go to those with the most need? In other words, is the headache worth it? Are we better off spending our time doing research on outside scholarships that son could apply for, which don't require these forms. (No other school where son hopes to get merit money has this requirement.)</h1>
<p>I know we are fortunate to be in this situation. I clawed my own way through college and grad school with no help from family in the late sixties and seventies. But part of the reason our family is ineligible for aid is that we are more like the ant than the grasshopper. We've lived modestly so we could invest money in the kid's education and stash away every other penny. I knew this would hurt us for financial aid but I never realized it could also have an impact on the merit scholarships a student applied for.</p>
<p>Cami, We too are in the midst of filling out the Profile. I'm not an expert, but I will give you my opinion.
Question 1. We did the same as you. We put in an amount we were "willing" to pay and not what we "could" pay. If we sold everything we had, we "could" pay for most any college. Not going to do it. I thought the question was very interesting. I can't imagine a car salesman asking me straight up "What would I be willing to pay for this new shiny car," and expect me to give a honest answer. I'd like to hear other opinions on that one.
Question 2. Yes, the 529 Pre-Paid Tuition and 529 Savings Plans are different and you put them on the profile in different places. I don't have the forms in front of me now, but I found using the worksheets they provided helped us get it correct. We have both 529 PPT and Savings.
Question 3. It sure sounds like this college might be basing their merit aide awards on family income. Most colleges state clearly whether the merit aide is based on need or not. My guess is that some of their scholarship probably do and some do not. I would fill out the Profile anyway. Our financial situation is such that we aren't expecting much if any financial need based aide, but I understand the Profile will open doors for other financial options like loans, etc. Doesn't mean we have to take them of course.</p>
<p>Thanks for the comments. Sounds as if you are in a similar boat.</p>
<p>Yes, I wish we'd get some other comments on that central question. Is merit aid ** really ** merit aid if the school requires forms that divulge family income? What other purpose could such financial forms have other than to make income a qualification in the receipt of the scholarship?</p>
<p>Cami, I think some merit aid scholarships are most definitely aimed at lower income students. Other merit aid scholarships don't care what your financial situation is. Most of the time the scholarship instructions will indicate whether financial status is a factor or not. Many many of the scholarships I look at on Fastweb are aimed at lower income groups. Some of the colleges/universities will also be very specific whether the scholarship is aimed at lower income or not. If the scholarship doesn't say anything about income targets, I assume they are free game for all. However, it is entirely possible and probable that many schools may look at your FAFSA/Profile info to determine if you will get a merit aid scholarship AS WELL AS need based aid.</p>
<p>In general terms, it is a good idea to file the FAFSA form, even if you do not expect to qualify for aid. While I am not 100% sure of the accuracy of the statement, I read that you may be precluded to file for finaid if you did not do it for the freshman year. This seems to have caught families by surprise when financial circumstances changed in later years. </p>
<p>If you have to file the CSS, it seems that filing the FAFSA should be very fast and simpler.</p>
<p>Some schools require that the Profile and FAFSA be filed for incoming freshmen for ALL kinds of aid. DS had to complete both for Boston University as an incoming freshman for his aid which was music merit aid and was based on his audition. For renewal, he only has to file the FAFSA annually. However, this year because we will have two in college at the same time, he is required to file the Profile and the FAFSA for his renewal (because our financial situation has changed....we'll see if that translates into more money). My advice is...do what the college tells you to do. If they ask for both forms, fill both out. Nothing ventured, nothing gained.</p>
<p>Shouldn't we always fill out the fafsa for unsubsidized student loans? Regardless of whether it is "required " for merit? I can't imagine a reason not to if I had to drag out the stuff for a Profile anyway.</p>
<p>In a informational session about the FAFSA, my guidance counselor told us that when you fill out the FAFSA, it is definitely a day that you DON'T want to look good on paper. The less money that you put down under the Expected Family Contribution, the better. I know it sounds like she's saying to lie, but in reality, if you really want the money, you need to present yourself as if you need it. I just think of it as," I expect my parents to pay nothing (or x amount), but in reality they will probably pay more." I would expect this statement to hold true for the CSS Profile.</p>