<p>Well, this is a fun day! We're trying to get through the CSS Profile but we're stumped in two areas. Maybe someone can help?</p>
<p><strong><em>1</em></strong></p>
<p>Section SD-115: How much was your parents' contribution to your education for the 2006-2007 school year?<a href="This%20describes%20high%20school%20tuition%20and%20expenses.">/u</a></p>
<p>How are private education expenses used? Is it better to go high or low? My thinking on this is we pay HS tuition and a LOT of money for music lessons. Should we include tuition, books, music lessons, other HS fees? Or is it better to go low and just list tuition?</p>
<p><strong><em>2</em></strong></p>
<p>SR-160: Enter the amount your parents think they will be able to pay for your 2007-2008 college expenses.
-and related -
FM-135: How much was your parents' contribution to this person's [brother] education for the 2006-2007 school year?</p>
<p>We put zero in both of these boxes, and here's why. We will pay for child #2's first year or two out of his assets (custodial account). So, technically, we are not contributing anything, right? Same thinking for the second question: We paid for son #1's expenses out of his custodial account, technically meaning we haven't contributed anything. DOES THIS MAKE SENSE?</p>
<p>Yikes. Your opinion is not legally binding... ;)</p>
<p>I think I'll post this on Financial Aid too. Thanks.</p>
<p>Gee, isn't the right answer the honest answer? Maybe I'm hopelessly naive.</p>
<p>The honest answer to question #1 is relatively straightforward: add up the costs for tuition, books and music lesssons, etc.</p>
<p>The honest answer to question to #2 is not as straightforward since it involves the future rather than the past. But let say DS or DD gets in to Harvard or Yale or whatever their dream school is. Would the parents be prepared to pay the EFC? What if they go to State U? Would the parents be prepared to pay the costs there? Isn't the honest answer somewhere in that range?</p>
<p>I am not an expert, but my take is that payments from custodial accounts would not be considered contribution to brother's education, since that money is technically the brother's (if this in an UGMA type of account), not the parents.</p>
<p>Weenie, in general terms, you do not want to underestimate your verifiable expenses that might generate a "credit" in your final assessment. </p>
<p>As far as filling the boxes, you may consider filling in the expense/contribution numbers, but using the explanation box for a complete disclosure about the source of the contribution.</p>
<p>We are prepared to pay our EFC for 2007-2008 for son #2 out of son #2's custodial accounts, and, because we are foolish enough to have money in our kids' names (another topic), we want to spend that money down first. For 2006-2007 we paid for son #1's expenses out of his custodial account. </p>
<p>I am concerned about money being "counted against" my kids twice. For example, if we say we are willing to contribute $25,000, BUT we are taking that money out of their custodial accounts that are already being counted as assets to be spent for expenses, well, ARRRGH, can you see my confusion?</p>
<p>Weenie, your secondary school tuition, and fees and books DO go under the costs for education for the youngster in secondary school. However, I do not believe the music lessons do. I believe those go in the narrative at the end where you discuss any other expenses.</p>
<p>I personally would not ask the colleges this qusetion. Kid will use 100% of HIS money first and none of YOUR money. That's your plan, and a good one. That's my story and I'm sticking to it. It's not our fault that 17 years ago we were advised to set up UGMA accounts and now we learn that that money that we scrimped and saved for our kids all these years somehow disqualifies us for financial aid at a greater rate than the same dollars that we scrimped and saved for the same purpose but kept in our own name. Rant continues: Many of us have been saving for our kids college for years and years. Some of the money found its way into a UGMA account and some did not. We don't look at the money any differently, but clearly the govt and the schools do. Therefore it is only logical, economic and fair to use the UGMA money first. (rant off)</p>
<p>The amount YOU are prepared to pay is not the custodial money or any other money in accounts that have your child's name on them. Unless things have changed, the school will expect pretty much all of that money to be used during the 4 years.</p>
<p>The amount YOU are prepared to pay comes from the assets that are solely in the parent's name.</p>