FAFSA vs. CSS Profile - How are they different?

매년 대학 입학시즌이 되면, Financial Aid 신청을 앞둔 많은 학부모님들과 상담을 하게됩니다. 상담을 하면서 자주 대부분의 학부모님들이 FAFSA에 대해서는 익히 알고 있지만 Private schools에서 요구하는 CSS Profile을 잘 알지 못하고 있는 것을 발견하게 됩니다. 따라서 오늘은 FAFSA와 CSS Profile에 대해 간략하게 차이점을 정리해서 알려 드리고자 합니다.

When it comes to applying for financial aid, all schools and the federal government use the FAFSA to calculate the applicants’ Expected Family Contribution (EFC) for their award packages. But over 400 schools use the CSS Profile to determine their financial aid offers to prospective students, which was created by the College Board and looks at student aid from a different perspective. Among these are top colleges and the Ivy League, so if you’re applying to one of those schools, you’ll need to know how to approach the questions to get as much financial aid as possible.

1. FAFSA는 Federal Government가 주관하고 CSS Profile 은 SAT를 주관하는College Board 가 주관한다.

2. FAFSA와 CSS Profile은 학생 가정의 재정 정보(Financial information을 문의하는 것이고 모두 online으로 작성 제출 가능하다.

3. FAFSA는 모든 학생에게 동일한 질문이지만, CSS Profile은 지원하는 학교에 따라, 질문 항목이 달라 질 수 있다.

4. CSS Profile의 경우는 FAFSA보다 보다 상세한 재정정보를 요구하며, 이를 통해서 FAFSA 가 결정하는 연방정부와 주정부의 재정 보조외에 학교에서 직접 제공하는 Financial Aid를 결정하는 데 사용한다.

The CSS Profile asks for much of the same information as the FAFSA, including tax returns, W-2s, bank statements, and other records of income. But the CSS Profile generally provides a more thorough picture of your household income to schools than the FAFSA does, allowing colleges to determine which types of institutional aid they can award in addition to any federal aid you might have received.     

5. CSS Profile의 질문사항중 FAFSA에는 없는 질문: Home equity, 이혼/재혼 한 경우 모든 부모들의 소득과 자산정보, 의료비용, 소유한 차량정보 등                      

The financial section of the CSS Profile is more comprehensive than the FAFSA. You’ll be asked more about things like non-custodial parent income (if your parents are divorced), home equity, medical expenses, non-qualified annuities, and the value of small family businesses. Student assets are also weighed heavier.

6. EFC 를 계산하는 방법에 차이가 있다(The Methodology)

The FAFSA uses Federal Methodology, which considers parental gross income as the main factor for aid eligibility. The CSS Profile uses “Institutional Methodology”, which takes a more rounded look at a student’s financial situation, looking at factors such as home value, non-custodial parent income, and medical expenses. The CSS Profile also considers special circumstances that affect your ability to pay for school.

7. FAFSA는 EFC를 결정하는 Formula가 고정되어 있으나 CSS Profile의 경우, Financial aid를 결정하는 방식에 다소 융통성이 있으며, 특히 Home equity에 대해서는 학교별로 학비 산정에 반영하는 룰이 매우 다르다.                               

In FAFSA, the financial aid is determined by a set formula without any room for human interpretation, as a result the FAFSA is based solely on the Federal Methodology formula. The CSS Profile, on the other hand, allows more room for professional opinions and colleges have their own formulas for interpreting it. More specifically, college financial aid offices have more freedom and say in the amount of financial aid that a student receives.

8. 원서 비용: FAFSA는 무료지만, CSS Profile은 접수료가 부과된다.                     

The FAFSA is always free, but the CSS Profile isn’t. The fee for one school application is $25 plus $16 for each additional school. When applying, low-income students are automatically considered for fee waivers.