Do Colleges Not Give Scholarships If You Have Large Assets?

[swimcatsmom]

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For the 2009-2010 award year, a dependent student automatically qualifies for a zero EFC
if both (1) and (2) below are true.
(1) Anyone included in the parents’ household size (as defined on the FAFSA) received benefits during 2007 or 2008 from any of the designated means-tested Federal benefit programs: the SSI Program, the Food Stamp Program, the Free and Reduced Price School Lunch Program, the TANF Program, and WIC;<br>
OR
the student’s parents filed or are eligible to file a 2008 IRS Form 1040A or 1040EZ (they are not required to file a 2008 Form 1040), or the parents are not required to file any income tax return;<br>
OR
the student’s parent is a dislocated worker.
**AND<a href=“2”>/B</a> The 2008 income of the student’s parents is $30,000 or less.
• For tax filers, use the parents’ adjusted gross income from 2008 Form 1040A or 1040EZ to determine if income is $30,000 or less.
• For non-tax filers, use the income shown on the 2008 W-2 forms of both parents (plus any other earnings from work not included on the W-2s) to determine if income is $30,000 or less.

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<p>This may (or may not) change next year.</p>