how to pay for college

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The CSS/PROFILE: The “Other” Financial Aid Application

The CSS Profile The Other Financial Aid ApplicationThe CSS/PROFILE went live on October 1st officially kicking off the start to the financial aid season. Ironically enough, many families don’t even know the CSS/PROFILE exists.

It does and here’s what you need to know about it:

1. While every college requires a student to file a FAFSA to qualify to federal need-based aid, over 200 mostly private colleges require students to complete the CSS/PROFILE as well for consideration of scholarships.

2. Here in Connecticut that list includes: Connecticut College, Fairfield University, Quinnipiac University, Sacred Heart University, Trinity College, University of New Haven, Wesleyan University, and Yale University.

3. While the FAFSA is a free application, the CSS/Profile is not. The initial application is $25 and then each subsequent submission costs $16.

4. Unlike the FAFSA, a family’s home equity is taken into account as an available asset.

5. If a family owns a business, 100% of its equity will be assessed.

6. Assets held in the names of siblings will be considered parental assets and assessed as such increasing the parents’ EFC.

7. Only untaxed social security benefits for the student will be excluded whereas benefits for the parent will not be excluded.

8. Pre-tax contributions to flex-plans for healthcare and dependent care are assessed as untaxed income.

9. Schools have their own deadlines for when the CSS/PROFILE should be filed and these dates can range from as early as sometime in November for Early Decision or Early Action applicants to as late as February for students applying Regular Decision. When in doubt, families should always check the school’s website or call the financial aid office to verify deadlines.

As you can see, there’s a lot that goes into the CSS/PROFILE. It’s costly, it’s invasive and it’s just another hurdle standing in the way for many students and their parents.

If you would like some assistance filing the CSS/PROFILE as well as the FAFSA, contact me today. Like an accountant would with your taxes, I can help you gather the documents you need, assist you in the filing of both applications and then also help you with appeals should the need arise.

Here’s what other families like yours are saying about how Dobler College Consulting made a difference for them.

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Eric Oct 03, 2014 , , , , , , , , , , , , No Comments
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What’s The Difference Between Early Decision & Early Action?

college consultant Southington CT

As I work with students and their families on college lists, one question that always comes up is, “what’s the difference between Early Decision and Early Action?”

Typically it’s followed by some sort of statement that sounds like, “I hate to ask a dumb question like this but I really don’t know.”

It’s not a dumb question at all.

In fact, like many other questions that come up during the college search and application process, the only dumb question is the one you don’t ask.

So, let’s talk about the difference.

Early Decision, also known as ED, is binding while Early Action is not. This means that if you apply ED to a college and are admitted, you are now going to be enrolling at that college. You’ve just gotten married, in a sense.
In fact, when you apply ED to a college, and you can only apply to one school as an ED applicant, the student, parents and school counselor all sign an electronic agreement on the application stating that, if admitted, the student agrees to immediately withdraw all other pending applications. You don’t get to see who else wants to admit you and you definitely don’t get to wait around for financial aid awards so that you can compare offers.

So, the ED school says, “yes”, and the student is locked in. Their college application process is over. And, most likely, this is all happening in November or December of their senior year.

Early Action, on the other hand, is non-binding. Students can apply to as many Early Action schools as they like and, if admitted, are under no pressure to commit early. They can wait on their remaining decisions and review their financial aid awards before committing by May 1st. Like ED, students admitted through Early Action are still hearing back earlier in the process than students who apply through Regular Decision (typically January or early February) but the key difference is that their options have not been taken away.

Which brings me to the most important factor in deciding to apply ED or EA.

If a student knows, without a doubt, that the college fits them in every possible way, that it’s THE place they want to attend and that the cost is something the family can afford without regard to financial assistance, then applying ED can work out great. Some of the most selective colleges in the country are more generous with their decisions during the ED round of applications and, therefore, a student’s chances may improve. Note that I did not say, “will” improve. Students who are not strong applicants to begin with will not improve their chances just by applying ED.

But, if you are worried about cost, and you do want to have options, Early Action is very clearly the better way to go.

If you want some help and guidance on your college search and application process, contact me today to set up an appointment for a free 60-minute consultation. Not sure if a college consultant is for you? Here’s what other families like yours are saying about how Dobler College Consulting made a difference for them.

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Eric Jun 12, 2014 , , , , , , , , , , , No Comments
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Do You Know What Net Price Is?

Do You Know What Net Price IsYesterday I was talking with the parent of one of my students and the conversation was concerning college costs. I had asked him where he and the student’s mother would like to be when it came time to paying for college. Essentially I needed to know how much they were capable of paying so that we could look at the student’s college list in a more informed way.

One thing I firmly believe is that you have to know what you can afford up front.

There’s no sense in investing your time and effort, not to mention your heart, in a college search which is absent of the implications of cost.

Having recently mentioned Marist as an option the student should consider, the dad said that their costs for tuition, room and board (roughly $44,000) was getting towards the higher end of their threshold.

So while this family’s ability to pay will create more options for them than a family who’s ability to pay is much less, the conversation reminded me that so many families haven’t been informed about net price.

So what is net price? It’s the cost a family will pay for one year of college after grant and scholarship aid has been awarded. This cost varies from person to person and you can learn more about why this is by reading a post I wrote about net price last year:

How Much Is That College In The Window?

Essentially, the more competitive a student is when their grades and test scores are compared against the average grades and test scores for students who the college typically admits, the more likely it is that the student will receive a significant amount of aid which will then lower their net price.

With this idea in mind, a competitive student who applies to Marist and is awarded their Presidential Scholarship of $12,000 lowers their net price to roughly $32,000 thus making an expensive school more affordable.

One way you can start looking at a rough estimate of your net cost at a school is to use their net price calculator. Colleges are required to include one on their website, though some are easier to find than others. These calculators will ask you to enter some personal information and will then compute an estimated net price.

Not all calculators are created equal so be sure to pay close attention to the details of what the college estimates you will receive when you get your net price results.

If you want some help and guidance on your college search and application process, contact me today to set up an appointment for a free consultation. If you want to hear more about any of the schools on my travels, I’d be happy to talk to you about any of them as well.

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Eric May 05, 2014 , , , , , , , , , , , , No Comments