<p>Is it possible this question hasn't been asked before? I searched and didn't find it! Anyway, here goes...</p>
<p>Can someone please explain to me the difference between the FAFSA and the CSS/PROFILE? I know that the PROFILE is required by a lot of schools who calculate their need differently or something. What type of person would be likely to get more aid from the PROFILE? The FAFSA?</p>
<p>Thanks!</p>
<p>One of the regulars here has a good list of the differences, I suspect she'll be along to provide it.</p>
<p>Biggest difference is home equity-- home equity on your principal residence counts for Profile, and is ignored by FAFSA. Also, small business assets count for Profile, and are ignored by FAFSA.</p>
<p>Most people seem to end up with a lower EFC (which translates to potentially more need-based aid) with the FAFSA formula than the Profile formula.</p>
<p>Many of the top privates use Profile, in addition to FAFSA-- and they often also use their own application and formulas to determine "need."</p>
<p>Having just finished the FAFSA, and started the Profile, I can tell you some details. The Profile has a lot more questions asking for more details. How much $$ do you think you will make in the coming year? Do you think relatives will be contributing to college costs? Have given up on the process for this year; S got a generous merit scholarship. We think we can scrape together the rest for this year. </p>
<p>I don't know the differences between how they figure what you can contribute. The colleges figure what aid you get.</p>
<p>Big difference for divorced parents -- FAFSA looks to income of parent with whom student lived for last 12 months, and income of current spouse of that parent. CSS looks to both parents. </p>
<p>I think CSS may also consider medical needs, private school (K-12) tuition.</p>
<p>The profile will take into consideration tuition for children attending high school. They may consider school expenses outside of high school for special needs children. They will consider unreimbursed medical expenses and taking care of eldering parents.</p>
<p>At minimum you file the FAFSA (at almost every school) to determine your eligibility for federal aid (Pell/ seog grants, stafford and perkins loans). Most public univeristies will just require the fafsa (the exception may be UVA, UNC- CH, Mich and a few others which may require their own forms)</p>
<p>The CSS profile is used at different colleges that distribute their own institutional aid (Many of these schools have much deeper pockets).</p>
<p>Many schools that use a federal methodology to determine EFC will require only the FAFSA. Schools that use an instutional methodology or a combination of the 2 will require the CSS profile or their own FA forms.</p>
<p>Differences between the IM and FM models are</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>Your COA (cost of attendance) is tuition, room board, books travel expenses and some misc. expenses associated with attending college.</p>
<p>Standard</a> & Poor's Financial Communications | Financial Library
This is a good link to check out.</p>
<p>There may be a couple errors - I did notice that it says parent assets for fafsa don't include value of prepaid tuition plans. However, the value of any prepaid tuition plans owned by the parents or ANY child in the household are reported as parent assets.</p>