A few questions about the FAFSA

Paying for College
1

<p>Hi,</p>

<p>So I have a couple of questions about the FAFSA:</p>

<li>I have already figured out that I would be considered independent for financial aid purposes, as I’m applying for graduate school. I make significantly less than $30,000 and heard that if that’s the case, than my assets are not counted into the EFC (even if they’re reported) due to the Automatic Zero Expected Family Contribution/Simplified needs test. Is this true? I called FAFSA customer service, and they said the best way to know is to just fill out the form and hope for the best.</li>
<li>My assets may or may not be changing in the not so distant future, but I’m not sure if it’ll be in time for my financial aid deadlines. If they do change, and I’ve already filled out and signed my FAFSA, is it possible to go back and edit the form with the new information? Is it possible to see your EFC before signing and completing the form electronically?</li>
</ol>

<p>Thanks!
Cory</p>

2

<p>Independent students are not eligible for simplified needs or for automatic 0 EFC unless they have a dependent other than a spouse.</p>

3

<p>Good to know. To what extent are assets such as a trust fund calculated into the EFC?</p>

4

<p>Are you going to a grad school that is known for giving institutional aid? Often, grad students are only offered loans. The schools don't always offer their own grants, and undergrad grants aren't offered for grad school (Pell, SEOG). I just wanted to point this out, since having a 0 EFC doesn't generally generate the kind of grant help in grad school that it does in undergrad.</p>

5

<p>Depends on your age. independent students under 25 have no asset protection and 20% of their assets goes to the EFC. Students over the age of 25 have some asset protection depending on their age
from the 2009-2010 EFC formula</p>

<p>Age of student
as of 12/31/09*</p>

<p>Allowance for— Married Student......Unmarried Student
25 or less ... .................$0........................$0
26 ............................. 2,900..................1,200
27 ............................. 5,800..................2,400
28 ............................. 8,700..................3,600
29 ........................... 11,600..................4,800
30 ........................... 14,500..................6,000
31 ........................... 17,400..................7,200</p>

6

<p>Thanks, guys! Good information to know, even if it's not the answer I was hoping to hear. Such is life...</p>