<p>If I have a 0 EFC now and both of my parents make <$30,000, will I still maintain a 0 EFC if I make $11,000 this summer in an internship and have my parents claim me as dependents and they both lose their jobs? Meaning they make 0, I make $11,000. Will EFC be affected? Will I still get a 0 EFC?</p>
<p>If they both make nothing, they won’t be claiming you because they won’t be filing a return.</p>
<p>FAFSA definition of dependent does not depend upon the tax situation. You would still be a dependent if you are under age 24 and do not fit in a number of other situation. What you make does not come into play as to whether you are a dependent or not. </p>
<p>What would happen is that you would need non filer forms to substantiate that your parents did not have to file for taxes, and they would fill out their portion of FAFSA with a zero income if that is the case, and you will have the $11K income that you will report in your section of the FAFSA. I do not remember if in a case like this if you would qualify for the automatic ZERO EFC.</p>
<p>If they both make nothing, they won’t be claiming you because they won’t be filing a return.</p>
<p>That’s not true. They’re working now. They have income now, so they won’t earn 0 for 2013. And, they may get some kind of unemployment bennies. </p>
<p>Anyway, it sounds like they’re going to earn an amount that qualifes you for an auto 0, which means your income won’t count. If they earn less than about $21k this year, then you have an auto 0.</p>
<p>But, if they do earn more than the auto 0 amount, then your income will affect your EFC. The first $6k will be fine, the remaining $5k will increase your EFC - I think to about $2500???</p>
<p>Hopefully someone here can chime in with the auto 0 income amount. And does that include unemployment benefits.</p>
<p>BTW, why are you sure both will lose their jobs?</p>
<p>What will be at issue for parental income is what they get in 2013. That will be what determines aid for the 2014/15 school year starting in fall of 2014. I believe the amount is $22000 for the simplified needs test. OP should look this up. If the family falls into that category then the student’s income is not counted. If the parents made over that amount then 1/2 of the students income over $6K goes directly towards EFC, plus 20 cents of each dollar of student assets on the day the form was filed. </p>
<p>There are specific requirements, so the OP should read what the Simplified Needs test is, and if he could so qualify for a zero EFC.</p>
<p>^^^</p>
<p>Right. The family needs to do the math to keep under the Simplified Means Test if that is best for the family overall.</p>
<p>If they lose their jobs this summer and don’t quickly find similar employment, then their 2013 income could be about $15k.</p>
<p>If that’s not possible, then the student needs to spend his income on school or give it to his parents to help with costs or have them save it, so that it doesn’t count as a student asset.</p>
<p>See [The</a> NHHEAF Network Organizations- Financial Aid & Money Matters: Zero EFC](<a href=“http://www.nhheaf.org/index.asp?page=pay_zeroefc]The”>http://www.nhheaf.org/index.asp?page=pay_zeroefc)
</p>
<p>As long as you qualify for auto-0 EFC (which is not based at all on your income) then your income will not be considered.</p>
<p>Please let us know where you can make 11K for a summer internship!</p>
<p>To help you understand how your income could affect your FAFSA results, print out the formula, and work through it with your own best estimates for everyone’s incomes, savings, etc.:
<a href=“http://ifap.ed.gov/efcformulaguide/attachments/091312EFCFormulaGuide1314.pdf[/url]”>http://ifap.ed.gov/efcformulaguide/attachments/091312EFCFormulaGuide1314.pdf</a></p>
<p>It also can be helpful to work through estimates of everyone’s federal taxes as well. Use this year’s 1040, 1040A or 1040EZ as appropriate to give you approximate figures. </p>
<p>The FAFSA formula does change every year (as do the federal tax forms) but these results will be reasonably close.</p>
<p>Wishing you all the best!</p>