Now that you have submitted your CSS Profile, you might be wondering what colleges do with your data and what the next steps are. The CSS Profile uses your submitted data to determine your aid eligibility from each college. Find an overview of information on the CSS Profile in my recent blog: CSS Profile: What You Need Before You Submit. The data you provide is used to determine your family’s overall financial situation, which is why the CSS Profile often includes more detailed financial information such as assets like retirement accounts and business equity. It is trying to better understand a family’s net worth. The CSS Profile is shared only with institutions you select in the application process. However, you can still add other schools after completing the application. This guide will look at how colleges use the data you provide to determine aid eligibility.
How Colleges Use Your Data
In order to calculate institutional aid, colleges use the CSS Profile information to calculate your family’s financial need for institutional grants, scholarships, and loans. Each institution has their own financial aid formula, and they can choose how to interpret your data. This is why you may receive vastly different financial aid awards using the same information. For example, one school might include retirement savings in their calculation, while another might not. Depending on the amount in that savings, it could be interpreted as a lower financial aid need for your family if included in a school’s formula.
Colleges will also use your data to account for special family circumstances. These might include expenses like mortgage payments, medical costs, or high school tuition, which is not considered in the FAFSA.
Once each college analyzes and interprets your data they will offer aid packages. These packages can include grants, scholarships, and loans, to help make their school more affordable.
Important Information to Remember
It is crucial to remember that each college’s aid policies are unique. The financial aid you receive can vary significantly from school to school.
The CSS Profile data is used only for institutional aid, while the FAFSA is for federal aid.
Please check each school’s requirements, as some colleges require noncustodial parents to complete the CSS Profile. This is to help them get a more complete financial picture. Noncustodial parents complete this information separately, and data is transmitted confidentially to the selected institutions. Tips to Complete a Non-Custodial CSS Profile as a Divorced Parent
Don’t hesitate to contact colleges’ financial aid departments directly with questions about your specific financial aid package or the data used to determine it. They are there to assist you – and so am I!
More about Jodi and College Financial Aid Advisors
Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.