CSS PROFILE Form Processing
Is your student applying to any PROFILE colleges? If you're not certain what a PROFILE college is, you're not alone! Many parents learn this only after important deadlines have been missed.
There are currently 248 colleges in America that require College Board's CSS PROFILE Form in order to assess a student's eligibility for University Need-Based Grants and Loans. These schools are often referred to as PROFILE schools. For a list of colleges requiring the CSS PROFILE form, click here. If even just one college to which your student is applying is on this list, you should submit the CSS PROFILE form.
College Board Administration
The CSS PROFILE Form is administered and governed by the College Board, similar to the FAFSA's relationship with the ED (the Department of Education). There are some significant differences between the FAFSA computations and those of the PROFILE in determining your Expected Family Contribution (EFC). Your FAFSA EFC and PROFILE EFC may be dramatically different.
And in contrast to the FAFSA EFC being a "constant" among all schools, the PROFILE EFC can vary significantly from one PROFILE school to another! This is NOT widely known by families and in some cases can work to the benefit of some!
Unlike the FAFSA, the CSS PROFILE Form is NOT free. College Board charges $25 for the first college and $16 for every college thereafter.
Why Does the PROFILE EFC Vary?
The College Board provides a nominal computation of a family's EFC through a series of rules, tables, and calculations using what's known as Institutional Methodology (IM).
However, colleges utilizing the CSS PROFILE Form are free to vary from this nominal computation, because they are not bound by federal or state legislation in their assessment of "need". Remember - the FAFSA form is a FEDERAL form and is bound by Congressional legislation. PROFILE colleges are awarding their OWN "institutional" need-based grants based on THEIR assessment of need.
One example of what CAUSES the PROFILE (IM) EFC to vary significantly from one college to another is the way home equity contributes towards EFC. The nominal EFC computation from College Board assesses home equity just like cash in the bank! (Surprised?) That's right! Home equity takes a 5% hit.
So if a family declares $200K of home equity on their CSS PROFILE Form, the nominal EFC computation is increased by $10K! Some PROFILE schools choose to NOT assess home equity at all, so their EFC computation would be $10K less!