CSS/Financial Aid PROFILE Overview: Another Important Application for Financial Aid
What is the CSS/Financial Aid PROFILE?
The CSS/Financial Aid PROFILE is an online financial aid application provided by the College Board, a non-profit association of schools, that is used to provide schools with financial information so that they can make the best determination of how to distribute non-federal financial aid. The over 600 schools that use the PROFILE tend to be the more selective, private schools.
How is PROFILE different from the FAFSA?
The PROFILE application has questions tailored to the student’s financial situation, school and type of program the student is applying to whereas the Free Application for Federal Student Aid (FAFSA) asks the same questions of every applicant. The PROFILE also uses a different formula called the Institutional Methodology (IM), whereas the FAFSA uses the Federal Methodology (FM) for determining the Expected Family Contribution (EFC). One of the differences is that the IM includes home equity and retirement accounts in its calculations, while the Federal Methodology (FM) does not.
While the FAFSA is free, the PROFILE requires the payment of fees – recently the fees have been $25 for the first college and $16 for each additional college that is to receive the results. For very low-income students, the fees are automatically waived. Also, the PROFILE can be submitted as early as October 1st while the FAFSA cannot be submitted until January 1st.
What is the College Board?
The College Board is a non-profit association comprised of more than 5400 schools, colleges and other educational organizations. The SAT testing and Advanced Placement (AP) programs, among others, are run by the College Board. The PROFILE is another service they provide to help colleges determine how to distribute financial aid.
Who needs to complete the PROFILE?
For each school a student has applied to, he/she should check the College Board’s list of schools to see if it uses the PROFILE. Or, the student can visit each school’s financial aid website to see if that school requires it.
When does the PROFILE need to be submitted?
The PROFILE can be submitted as early as October 1st. For early decision candidates submission is often required before the end of the year. Applicants need to check the website for each college they are applying to for these deadlines as they vary greatly from school to school.
What happens after the PROFILE is submitted?
After the PROFILE is submitted, the applicant will receive an online acknowledgment that includes the colleges it will be sent to, the information that was entered and instructions for next steps. The schools that receive the PROFILE information will then use the results to determine what non-federal financial aid will be offered and will send a financial aid award letter indicating this.
PROFILE tips
- Check data carefully before submitting – Once submitted, errors can only be corrected by sending changes to each college by mail.
- Pay attention to deadlines – Each school will have different deadlines and early decision candidates will need to submit the PROFILE in the fall with estimated numbers.
- Submit PROFILE even if a deadline has passed – Many schools will consider late applicants for financial aid but the award letters may not be sent before acceptance decisions are due.
Resources
College Board's CSS/Financial Aid PROFILE website for students – This is the starting point for completing the PROFILE application.
College Board's list of schools that require the PROFILE.
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