<p>Up untill today i didnt even know it existed i only knew about fafsa. I just got a email from Michigan that says i must complete both to get aid.</p>
<p>Can someone please clarify what exactly this is, and how to fill it out in comparison to fafsa</p>
<p>Approximately 350 schools use the CSS profile to gather additional financial information in order to grant their own institutional aid.</p>
<p>When applying for student financial aid from the federal government based on the information submitted by the student and their parent(s). </p>
<p>The FAFSA determines your eligiblity to receive federal aid : pell grants, seog grants (if applicable to your school) federal work study and federal student loans (subsidized/unsubsidized stafford loans and perkins loans). The FAFSA is required by all public colleges and universities and an overwhelming number of private schools require the FAFSA (some in addition to other FA forms). The cost to file the CSS profile is $25 for the first school and $16 for each additional school.</p>
<p>If you attend a profile school, they use a combination of both the federal and institutional methodologies. </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>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 elderly parents.</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>Sybbie has given you the rundown. It is an additional financial aid application that asks for more information than what FAFSA does which certain colleges want to have before giving you any of their money. FAFSA is for federal funds and many schools will simply use that as well for financial aid, but I don’t know a single school that guarantees to meet full needs using FAFSA only. The schools that tend to be more generous want additonal info through PROFILE or their own application.</p>
<p>And to anyone else reading this thread…make sure you read the financial aid application requirements on EACH college website, for your schools. If you do so, you will be very aware of any required submissions for each college. Write down the DEADLINES too…and don’t miss them.</p>