I received a 0 in EFC. My family uses SNAP and “free reduced lunch” and only my dad works so our income is only around $24,000. I’m a 4.0 gpa student. If I open a bank account and start saving, how will this affect my aid? If my savings go up to $500 or $2000 or even $10000 (probably not gonna get there) how does it affect my aid?
If your family has that low income AND SNAP, you have an auto $0 EFC and your income and assets are not counted.
But keep this in mind…that auto $0 is for the FAFSA only. If you apply to schools using the Profile, there is no auto $0, and there is no simplified needs test (whereby your assets are not counted).
So as long as I am not using CSS Profile to apply, my assets won’t be counted? I’m in Georgia, so I’m unable to skip the asset questions on the FAFSA which made it all the more confusing to whether it was being counted or not.
Some states use the assets anyway. I don’t know if GA does…or doesn’t.
Just fill in the blanks.
Any money you earn in 2018 isn’t counted as income until you file the 2020-2021 FAFSA.
Any income you earn in 2019 won’t be counted as income until the 2021-2022 FAFSA.
Money in the bank is as of the day you file the forms.
@collegelobster It’s as long as you don’t apply to schools that require the Profile. If you apply to them, you are required to fill out the Profile. There are many that do.
https://profile.collegeboard.org/profile/ppi/participatingInstitutions.aspx
Even for states that ask for the assets, they are not considered when calculating the EFC for federal (Pell, SEOG, work study) aid. Some GA program might consider them, but probably not. You also only report the money you have on the day you file, so if you save $2000 but then spend it on books or rent or a car before you file, it will not be reported. Savings is a good thing.