1. At the beginning of the presentation - Unlike FAFSA, which can not be submitted until January last year of high school students, the profile can be made in early October. This can put great pressure on families to obtain financial information much sooner. In anticipation of the presentation of the profile, gather critical financial information now and place it in a convenient location. You need your 2008 return the IRS, cash balances and investment mortgage information, and the estimated revenue and financial data for 2009 and 2010.
2. Small schools - FAFSA form is required each school throughout the country (over 3,800), if you want money. Profile, however, requires about 300 to 400 schools and scholarship programs. These schools are usually Ivy League, the closest of ivy, the most selective private colleges, and a handful of highly selective private schools. For schools who want to profile, you will generally file months before submitting the FAFSA form for the same school. You can tell if a school requires profiles to check the website for financial assistance from the school, or by consulting the list at College Board.com.
3. Cost - FAFSA form does not cost anything to provide a service for the federal government. Profile on the other hand managed by the College Board, a private, non-profit organizations. College Board charges $ 25 to register a profile that contains the first non-college. For each additional college in which you want to send information to the College Board charges $ 16.
4. More information - that the FAFSA application of some 150 pieces of information. Profile may require more than 300 different pieces of information. Compared to the FAFSA will require information much more detailed profile: your retirement assets, businesses, farms and properties. Profile often ask you to prepare a family budget. Unlike the FAFSA, which asks only for a taxation year and income profiles of the application three years of information: the last financial year estimates for the current year and forecasts for next year. If parents are divorced or separated, the profile often ask for detailed financial information on the noncustodial parent, while the FAFSA does not care about child care. Profile can even ask what kind of car you drive. I think they are bandages to find a kind of disconnect if you run a $ 100,000 Mercedes, but are $ 30,000 per year.
5. Edit Profile - Profile Before you can make changes as often as necessary to form a network (College Board.com). But after the presentation of the profile, you can not make changes in the questionnaire. This is contrary to the FAFSA can be changed at any time after filing. To correct or update the information after submitting your profile, you must print a paper copy of the profile change information and submit this form for each school that received the profile. But it is possible to increase the university after submitting a form provided by the College Board.
6. IDOC - Institutional Documentation Service (IDOC) is the university system of the Commission to monitor the profile information. For a school that uses only the FAFSA, verification is done by sending documents (W-2 tax, etc) in each institution. For schools that use the profile, these forms will be sent once the IDOC, IDOC then distributes the information to schools. This is probably the only aspect of the CSS Profile process is simpler than the FAFSA.
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