Financial Matters: The CSS Profile
The bulk of college financial aid money comes from the federal government; this aid is distributed by colleges using information supplied by families when they complete the FAFSA, available October 1. About 400 colleges, universities and scholarship programs, however, use an additional form, the CSS Profile, to gather more information in order to award their own institutional funds to deserving students (see what schools use the CSS Profile, here). Students applying to college should check to see if this form is required by schools on their list. Some scholarship programs also utilize the CSS Profile. It, too, becomes available October 1 each year.
What is the CSS Profile?
According to US News & World Report:
The CSS Profile, administered and maintained by the College Board, opens the door to nonfederal scholarships and other kinds of institutional aid that can make a big difference when it comes time to pay for college.
Aiming to paint a fuller picture of a family's finances, the CSS Profile offers opportunities for families to describe any unique or extenuating circumstances affecting their ability to pay.
The schools that require the application are mostly private colleges or other institutions that have large endowments, experts say.
For some families, completing the CSS Profile will result in institutional scholarships and a lower net price, which refers to what the student actually pays to go to a particular college. But for others, submitting the application may not have an impact. Experts suggest families use a net price calculator – a tool that takes potential financial aid into account to determine a rough estimate of the total cost of attendance.
The Profile provides a more complete picture of your family’s finances; it also provides a way for you to describe special financial circumstances right on your application. Begin by logging on to the College Board website here: https://cssprofile.collegeboard.org.
How to Complete the CSS Profile
Use your College Board student account and password to begin the Profile process. Alternatively, parents can create a separate account, since sensitive financial information will be collected. If a student has already taken the SAT, he or she may already have an account. Sign in or create a profile by going to https://cssprofile.collegeboard.org.
Gather the Necessary Documentation
According to US News & World Report:
The CSS Profile requires tax documents from the same year as the Free Application for Federal Student Aid, or FAFSA, which is required for students interested in receiving federal financial aid. Students who have already completed the FAFSA can use much of the same documentation for the CSS Profile.
On both forms, families will report their income from two years prior to the year a student plans to attend college. A family completing the form for the 2022-2023 academic year, for instance, will use the 2020 tax return.
Since the CSS Profile is a very in-depth form, families should expect to need additional documents. These will include their most recently completed tax returns; W-2 forms and other records of current year income; records of untaxed income and benefits; assets; and bank statements, according to the College Board.
Register for the Correct Year & Select Colleges
The first step after logging in to your account is to register for the correct year (2022-23) for this year’s senior class. Now, complete the application—as you answer questions, the application will be tailored to your family’s financial situation.
Students have the opportunity to specify which colleges they want to receive their CSS Profile. There is no limit to the number of schools a student can apply to, even under a fee waiver.
Complete the Application
For the 2022-2023 CSS Profile, many updates have been made to make the form easier to navigate, especially for low-income families. According to US News and World Report, “Other new enhancements include fewer school-specific questions. A shorter version of the form is in the development stages and is expected to launch in fall 2022. There will also be an opportunity for families to detail any special circumstances. Experts say this is a good place for families to describe anything not apparent on their tax forms or in any other questions, such as the costs of caring for a grandparent overseas or other financial hardships.”
Submit the Application
Unlike the FAFSA, families must pay a fee or receive a fee waiver before the profile will be sent to the selected colleges.
Don’t Forget to Check Back
After the CSS Profile is submitted, students may receive additional instructions or action items. It’s important that families check back on their application. Throughout the process, students can still add colleges where they would like their profile to be sent, but will pay an additional fee for each additional school.