<p>I know there is a whole financial aid forum -- but I thought I'd pop in on the Parents page to say that no one should underestimate the amount of time it takes to complete the FAFSA and the CSS Profile (for private schools). </p>
<p>I spoke with a friend this evening who is going through the process for the first time. Things keep bubbling up for her -- questions on retirement contributions, questions on needed purchases for the house, etc. I warned her that if a college says it wants the form by Feb 1, then Feb 1 it HAS to be in. </p>
<p>Please don't trip up by waiting on starting these forms!</p>
<p>I run a monthly net worth calculation anyway and got the first draft of the tax form done early, so I didn’t find that the FAFSA took much time. But the CSS Profile was a BEAR! They asked questions like “How much did you pay for your car?” The car is 14 years old! Give me a break!</p>
<p>You are right about the css-- I had to consult our accountant to finish it! The fafsa seemed like a breeze after that. What are people talking about with the number you receive once it is submitted–we got nothing with the css profile- what is the max number you can get and get anything through fafsa?</p>
<p>Remember, the EFC that pops out at the end of the FAFSA is a ballpark figure. You will not be writing a check for that amount. </p>
<p>For instance, you pay for groceries every month – including to feed offspring. Now you will be writing a check to College Dining Services. The kid still eats, but you are writing a different name on the check – and that amount is buried in the EFC.</p>
<p>Also, your kid may get merit aid. Or you may be able to decline college health insurance if your kid is covered by your health plan. Anyway, lots of things can start to pop up that significantly alter what you pay for.</p>
<p>Only certain schools ask about your cars. That question is in the supplemental section(s) to the Profile. Not all schools ask the same supplemental questions. My son’s Profile school does not ask about cars either. It does, oddly, ask about credit card debt.</p>
<p>Wilners, the Profile does not generate a number like the FAFSA. It merely transmits your figures to the colleges you select. The schools have their own particular methods and policies to process your information.</p>
<p>I suppose the upside of having no income and no assets is that my FAFSAs take about 8 minutes to complete, each. I did all three of ours in about 30 minutes. :-)</p>