Strategies for filling out CSS Profile

<p>You’ve gotten some really good answers already. I don’t know if I’m adding anything new but here goes.</p>

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<li>is it more or less advantageous (or maybe it doesn’t matter) how long a parent has held their current job? I (parent 1) worked for many years for one employer, left for 3 years (but freelanced there and was still paid on payroll), then returned 9 months ago to a full-time position. Should I say I’ve only worked there 9 months or the full length of time (over 15 years)?</li>
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<p>I would say you have worked at your CURRENT job for 9 months.</p>

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<li>Parent 2 just became unemployed. Where do we list unemployment benefits (we are receiving them without taxes being taken out) for 2010 and 2011?</li>
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<p>I believe there is a place for this on the Profile…maybe other income not reported elsewhere. (I would explain this on that section for explanations)</p>

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<li>How set in stone are these numbers at this point when I am filing early because D is applying EA at a couple of schools? For example, not sure what our income will be in 2011.</li>
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<p>Make sure you 2010 estimates are as close to the real numbers as possible. Your estimated EA financial aid package COULD change later if the numbers change when you finally do complete your 2010 taxes.</p>

<p>Really your financial aid will be based on your current assets and your income from 2010. Not sure what Profile schools do with that question about the future…but 2010 income is largely what they use.</p>

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<li>RE: Parents’ expected 2011 income-- total amount parent expects to earn–that would be the amount after 401k contribution has been made–correct? Just questimating here.</li>
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<p>I haven’t done a Profile in a while…is there another place to indicate your 401K pretax contributions? If so, then yes…this would not include those.</p>

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<li>RE: Parents’ 2011 income-- then where it asks for “payments to tax-deferred pension plans expected”-- that would be the 401 k contribution. So if you add income and 401 k payments it should equal the gross salary (actually a little less because health insurance is taken out pre-tax) Is this correct?</li>
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<p>yes.</p>

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<li>Market value of home–how do FinAid officers find out those numbers? One could undervalue a little.</li>
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<p>Be honest. If they ask for verification of this number YOU will have to provide documentation that it is accurate as you put it on the PROFILE.</p>

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<li>Monthly mortgage payments-- does that include real estate tax and homeowner’s insurance? We do not us an escrow account and pay those other expenses separately.</li>
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<p>We only included principal and interest. Those are the only costs on your mortgage that relate to the VALUE of your house. Taxes and insurance don’t…and as you noted, many folks do not escrow these with their mortgage payments.</p>

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<li>I expect that D will get some work/study aid for college. Form asks to project how much she expects to earn during that school year but NOT to include work study. I do not expect her to have time to study and work AND have another job, so I would enter a “0” there, but will that look bad?</li>
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<p>Won’t your daughter have a job during the summer and on school vacations? Include her estimated income from those.</p>

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<li>The economy is so bad and many students can’t find summer jobs. How are we supposed to project how much $ D will make next summer?</li>
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<p>Estimate.</p>

<p>Thank you, thank you, thank you!</p>

<p>From personal experience & kids in our school district’s experience:
Northeastern, Simmons, BU, Clark & Hampshire will not meet your need. </p>

<p>Your letter that goes to these schools with your tax returns should certainly include documentation of unemployment, all your personal out-of-pocket medical expenses for 2010 & any other pertinent information. (i.e. withdrawals from retirement account to cover any personal expenses in 2010, or any other “one time income”) </p>

<p>If the unemployed parent does not have a job by February 2011, this should be pointed out to all the schools your D has applied to, around the time your taxes are done.</p>