<p>I'm trying to figure out the asset protection allowance for an independent student with no dependents, age 34. I've tried google but all the tables I have found are for either parents or independent students with dependents. Is this going to turn out to be another one of those things where the government punishes me for not having kids before I'm ready?</p>
<p>Looks like it’s $26,000 if married, or $10,700 for single. See table B4,pg 27 here:</p>
<p><a href=“http://www.ifap.ed.gov/efcformulaguide/attachments/111408EFCFormulaGuide0910.pdf[/url]”>http://www.ifap.ed.gov/efcformulaguide/attachments/111408EFCFormulaGuide0910.pdf</a></p>
<p>Remember your home and any retirement accounts are not reported on FAFSA. You might also qualify for the simplified needs test where assets are ignored if you meet the income limits (below $50k) and certain other criteria (see page 5 on the link from post #2). </p>
<p>Without a dependent other than a spouse you don’t qualify for the automatic 0 EFC.</p>
<p>Thanks sk8rmom that’s what I was looking for.</p>
<p>Swimcatsmom, thanks. I think I qualified for simplified needs for 2009/2010. At least, I did fire short form. But the FAFSA asked me about my bank accounts, so I don’t really know.</p>
<p>The school I want to transfer to is on the other side of the country and I was trying to figure out how much I can save for the movie without getting penalized.</p>
<p>We always get asked for our asset information even though we qualify for the automatic 0 EFC. I think I read somewhere that it depends on your State whether they require the information or not.</p>
<p>Sorry about the silly typos, I’m not a morning person.</p>
<p>That’s ok - I didn’t think you were really trying to save for a movie. Though nowadays maybe… especially for the drink and popcorn…</p>