What Do I Include on the CSS Profile?

Roughly 200 colleges, universities, and scholarship agencies require submission of the CSS Profile^®, or Profile for short, in addition to the FAFSA, to apply for financial aid. Like the FAFSA, the Profile will ask for income, asset, and household information for the student and parent(s). The income and household information will go into greater detail than the FAFSA, and you'll need to report practically every asset you own. Based on the information reported, institutions have a clearer picture of a family's net worth, which they believe allows them to distribute their financial aid more equitably. Here's what you'll need to report on the Profile.

Income

The Profile requires you to report all types of student and parent taxed and untaxed income. You'll be asked to report this income from the two years prior to the year the student plans to attend college, so have your federal tax return from that year ready to answer those questions. You'll also be asked to report your estimated income for the current tax year.

Current Cash Value

In addition to reporting income, you will be asked to report your total current value of cash (basically the amount in your checking account). You can pay your monthly bills first, and then figure out that total.

Real Estate

The Profile requires that you submit information about your primary residence, including the purchase price, purchase year, and current market value, as well as the debt on your home¾any mortgages, second mortgages, or home equity lines of credit. If you own investment properties, such as rental properties or second homes, these will also need to be reported. If renting a property, you will include the number of months the property has been rented for.

Investments

When asked about your investments, you'll need to include the totals of your savings, stocks, bonds, trusts, UGMA or UTMA accounts, money market funds, mutual funds, CDs, and other securities. If applicable, also include the net worth of businesses and investment farms. When determining market value for those answers, consider land, buildings, machinery, equipment, and inventory, but don't include the value of your primary home.

Retirement Accounts

Any account associated with retired funds will also need to be reported. Retirement funds can include 401(k)s, IRAs, 403(b)s, pensions, and others. If you withdraw from your retirement account(s) annually to pay for expenses, most colleges will count that as your regular income.

529s

On the Profile, you should list the value of all parent-owned 529 accounts, including those for the student applicant and any other children. Even though these accounts are intended for a student's use, you should report them in the parent asset section instead of the student asset section. When it comes to non-parent-owned 529s, these are not overlooked on the Profile. All the 529 accounts on which the student is the beneficiary must be listed on the Profile in the section, "Relatives other than their parents and any other sources providing funds to help pay for college expenses."

UGMA or UTMA

Custodial accounts like a UGMA and UTMA should be reported as a student asset on the Profile.

Life Insurance

Reporting life insurance is not required by the Profile, unless the specific schools you are applying to ask for this information in a supplemental question.

Expenses

You will be asked to report your family's expenses, such as medical costs, parent and student loans, high school tuition, and more. These questions benefit you, as they help the financial aid office understand your other financial responsibilities.   

Child Support

The Profile will ask you to report any child support you receive (income for your family) and any child support you pay (an expense).

Household

You will also indicate the number of household members who receive more than half of their support from your family and describe each person's relationship to the student (sibling, grandparent, etc.). As well, you'll report how many family members are attending college, whether they're attending full or part time, and the costs associated with that schooling.

Special Circumstances

Finally, you 'll have an opportunity on the Profile to communicate a message to the financial aid office on any special circumstances that have a financial impact on your family. This can include a recent job loss, elder care, and exceptional medical expenses.

For more details on the CSS Profile, watch our recorded webinar, What to Know about the CSS Profile. If you run into more questions, please contact us. You can reach us at (800) 449-MEFA (6332) and collegeplanning@mefa.org.