Quick Guide to the CSS Profile

I bet you’re thinking…. NOW what???

The bad news is this: more paperwork to do. The good news is this: more ways to qualify for financial aid!

The College Board, makers of AP exams and the SAT/PSAT, also offers this College Scholarship Service (CSS)/Profile. Not all colleges require the CSS Profile, but some do. You’ll need to check with the schools where your student is applying.

Why isn’t the FAFSA enough? How is this different?

How is this different than the FAFSA? That’s everyone’s main question. Both forms are used to help colleges appropriately allocate funds to families.  

Here are some of the main differences between the CSS/Profile and the FAFSA:

  • The CSS Profile asks for much more (and more detailed) information. That’s good news and bad news, in a way. It can feel very “nosy”. On the other hand, the CSS Profile gets a much more realistic and accurate picture of your family’s financial situation. (For example, the FAFSA might determine that your annual family income is $100,000. The CSS Profile might determine that your family income is $100,000, but your student loan debt, mortgage, insurance payments, and nursing home care for your parents actually consumes nearly all of it.)

  • The CSS Profile has a filing fee. Yes, you have to pay to apply for financial aid. (Don’t get me started!) It’ll cost you money to fill out and send the CSS/Profile. It costs $25 to file the form and send it to the first college; it costs another $16 for each subsequent college). If you qualify for a fee waiver for the SAT, you’ll receive one for the CSS/Profile as well.

  • Here’s the root of the difference between the two forms. The FAFSA is designed and used by the government to help colleges allocate state and federal government money. The CSS Profile is designed by a private company (College Board) primarily to help private colleges determine eligibility for aid from their (private) endowments. This is often called “institutional aid”. This is the college’s own money, and each college has formulas and policies that guide the distribution of those funds.

  • Most public (aka “government-funded”) universities do not use the CSS/Profile to award aid to domestic students. However, some of those public schools do require it for international students, and a (very) few public universities require it for merit aid (scholarships).

  • About 400 universities require the CSS/Profile. To find out whether your colleges require it, use that link and also check the financial aid web page (or contact the financial aid office!) of the colleges where your student is applying.

  • It’s important to remember that each college uses a different formula/policy/methodology to make aid awards based on the CSS Profile. This is also different than the formula used by the FAFSA. One college may make a tremendously generous offer to your family, while another college may offer nothing at all. It depends on many variables, most of which you do not know and cannot control.

The important thing you need to know is that the CSS Profile exists, that many private colleges and universities require it, and the sooner you submit it, the better!

The 2020 CSS Profile (for students starting college in 2021) opened on October 1. The College Board provides this guide for students and families.

The Basics of the CSS Profile

YOU NEED A COLLEGE BOARD ACCOUNT

If your student took the SAT or any AP tests, they should already have a College Board account. If not, they will have to create one. You must have only one account, so make sure you check before creating a new one. To create an account, visit this link.

Some students whose parents are divorced or separated will need to have their non-custodial parents also create an account and provide information separately. The non-custodial parent is the parent with whom the student spends less than 50% of their time. The College Board can tell you at this link whether the colleges you’ve applied to require the non-custodial CSS. 

  • The non-custodial parent should read these instructions to create an account and file their information.

  • If you can’t connect with the non-custodial parent, or they won’t file it, you can request a waiver by filling out this form. You have to send this form to each college that requires the non-custodial parent’s information, accompanied by the relevant supporting documents.

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FINANCIAL INFORMATION YOU’LL NEED TO FILL OUT THE CSS/PROFILE

You need the same tax information as the FAFSA to complete the CSS Profile. However, this form considers many more types of assets and income:

  • For children of divorced or separated parents, the non-custodial parent’s assets and income

  • The equity parents have in their primary home

  • The value of retirement accounts

  • Assets within a parent-owned small business and the value of the parent’s equity in the business

  • Assets owned by siblings under 19 who aren’t in college yet

  • All 529 plans that list the student as the beneficiary

Like the FAFSA, the CSS/Profile uses the “prior-prior” year’s income, which means that for the 2021-22 school year, you need your 2019 tax return, based on 2018 income. You’ll also need information on untaxed income and exclusions.

It takes longer to fill out the CSS Profile than the FAFSA. Be forewarned!

FILL IT OUT EARLY

Colleges have finite resources. They use these forms to allocate them. Secure your “request” for some of that assistance by completing these forms as soon as it’s feasible for your family to do so. Don’t wait until they’ve promised all their annual funds to other students!

If you’ve got questions about the FAFSA, check out our other piece on that form, as well as our FAQ’s on the FAFSA.

If you’ve read all of this and still have more questions, hit that button below!

Kristie BeckSavvy Strategies