When it comes to forms families need to file for financial aid for college, the Free Application for Federal Student Aid (FAFSA) is usually the first one that comes to mind. The FAFSA helps unlock federal aid options like grants, work-study programs and scholarships, and it’s the only way to gain access to federal student loans.
However, for about 250 colleges and universities, they require another form to calculate financial aid eligibility: the College Scholarship Service (CSS) Profile.
Since the CSS Profile is set to launch on October 1 this year, now is the time to find out how this application works and how it can benefit you.
What Is The CSS Profile?
The CSS Profile is a financial aid application that helps students access non-federal institutional aid. Higher education expert Danilo Umali of Game Theory College Planners points out that the CSS Profile is administered by CollegeBoard, the same organization behind the SAT and the AP program. However, Umali says the CSS Profile dives deeper into family financial situations and considers additional financials to award various types of aid.
For example, the FAFSA doesn’t consider a family’s home equity as part of their assets when determining financial aid, but the CSS Profile does. The CSS Profile also considers factors like retirement savings and annuities that name the student as a beneficiary. In addition, the form takes the financials of both parents into account after divorce, instead of just the parent who provides the most financial support.
Chandani Rao of My College Planning Team points out that, even though the CSS Profile considers different details than the FAFSA when approving financial aid, there are many misconceptions about it. Some families might believe that kids with a 3.5 GPA and average SAT score won’t have a shot at a selective CSS Profile school. It’s also common for families to be scared off by the sticker price of CSS Profile institutions, and for parents to believe their home equity will disqualify their dependent from the aid this form unlocks.
Of course, families with six-figure incomes are commonly wary of CSS Profile schools as well, especially if they believe a school doesn’t give out much aid.
However, Rao says some private, public and small Ivy League schools have acceptance rates of 40% or more, and a handful accept as many as 90% of college applicants. She also points out that, unlike the new Student Aid Index (SAI) calculation used with the updated FAFSA, the CSS Profile gives families a break when they have more than one student in college at the same time.
“In those overlapping years, even families with incomes over $200,000 a year will typically not pay much more at a school with a list price of $70,000 than they would at their own in-state university,” says Rao.
When it comes to home equity, some CSS Profile schools consider home equity more than others when determining aid. For example, Rao points out that Stanford, Harvard, and the University of Chicago don’t consider home equity when awarding financial aid.
“Some colleges have lower assessment rates, while still others put a cap on it,” she says.
Should You Fill Out The CSS Profile?
Another reason fewer people know about the CSS Profile is that less institutions use it. Where the Free Application for Federal Student Aid (FAFSA) should be filled out regardless of the institution of higher education being considered, families only fill out the CSS Profile when applying for one of the 250 colleges and universities that utilize the form.
CollegeBoard publishes a list of schools that use the CSS Profile, which makes it easy to check whether you need it or not. Checking the list reveals a number of institutions that are a household name, such as Cornell University, Harvard University, and Yale University, along with a range of lesser-known colleges and universities.
Also note that students applying for CSS Profile schools should also fill out the FAFSA as part of the application process. Adam Miller, who serves as Vice President for Admissions and Financial Aid at Whitman College, says that his school uses both the CSS Profile and the FAFSA in its financial aid process. However, the CSS Profile is what helps prospective students lock in an “Early Financial Aid Guarantee,” which provides an estimate of the aid they could receive before they even apply.
“Giving this information early in the college search process helps families make more informed decisions and reduces some of the stress around applying to Whitman,” he says.
Financial aid expert Cindy Chanin of Rainbow Education Consulting also points out that, unlike the FAFSA that only extends federal financial aid to certain “eligible noncitizens,” international students can be eligible for financial aid via the CSS Profile.
“If you are an international student applying to a school that accepts the CSS, you will want to see if you are eligible for the institutional grants or loans that the CSS Profile offers,” she says.
The Bottom Line
Students applying to CSS Profile schools like Bard College, Boston University, New York University, and Vanderbilt University should fill out this form during their senior year of high school, starting on October 1. Also remember that, in the case of divorce, both parents still need to fill out the CSS Profile so the form can consider the full financial picture of the applicant.
This detail is important since, in the case of the FAFSA, only the parent that provided housing in the previous 12 months or the parent who provides the most financial support needs to fill out the form. It’s also important for students to check on individual school deadlines for the CSS Profile since these dates vary by institution.
Also keep in mind that, unlike the FAFSA form, the CSS Profile is not free. CollegeBoard says most families need to pay $25 for an initial application to one institution, and $16 for each additional institution.