Because they could file a 1040A, the clients ended up with a Pell grant and a Perkins loan. Mr. Keane said. With a million dollars in assets, it is likely they would not have received any need-based aid from Cornell. That's why we use Profile. He was referring to the College Scholarship Service's Profile form, which many private colleges require in addition to the federal application and sometimes their own forms.
Profile is far more inquisitive, demanding more information on assets and income.
But Mr. Keane adds that he would still have been required to provide government money to Mr. Phillips's clients. Accountants often suggest that parents put money in children's names because of the many tax benefits while the child is growing up. But that move works against applicants who are filing for aid. Mr. Keane said. Yeah, I do.