<p>But for FAFSA there are 2 special situations where assets are ignored completely. To qualify you must meet certain criteria - primarily income but additionally a couple of other things such as your parents being eligible to file a certain type of tax return (1040a or 1040ez - having to file a 1040 makes you ineligible unless you meet certain other criteria). They are the Simplified needs test (income < $50k) and the automatic 0 EFC (income under $30k).</p>
<p>**Note **: this ^^ is for FAFSA. Profile has different rules.</p>
<p>Merit based scholarships from schools often do not take income/assets into account though there are exceptions. My daughter’s merit scholarship was awarded before we even filed financial aid information.</p>