<p>1) The CC EFC calculator put my EFC at 24k (20k of it coming from the 60k in assets I had left to me from my grandmother), however the calculator at <a href="http://www.finaid.org/calculators/finaidestimate.phtml%5B/url%5D">http://www.finaid.org/calculators/finaidestimate.phtml</a> put it at 3693, saying assets were thrown out because we qualified for the "simplified needs test" (my dad's income is near 37k, and my mother can't work, and according to the test the cap for qualifying is 50k). Which one of these calculators is correct?</p>
<p>2) If the CC calculator is correct, how do they get 20k/year from 60k? Do they expect me to finish college in three years or something?</p>
<p>Don't know the answer to #1, but as for #2 --- generally, 35% of a child's assets are considered available to college. If you have $40,000 left, then next year they will take approx. 35% of THAT amount, or $14,000, leaving $26,000, then 35% of THAT amount, etc. for 4 years.</p>
<p>Your assets should have been spent down for your expenses as the amount would have been disregarded if it were under family assets, but unfortunately under FAFSA the 35% rule will take precedent. Some colleges, however, will redo the calculation the other way, so you have to ask the individual schools. If a student has a nice little nest egg like you do, it is assumed it is for college.</p>
<p>SayWhat, I believe it depends on whether it is a FAFSA or Profile school. If you can qualify for the simplified needs test, I think the FAFSA questions are different. On profile, it is the same either way.</p>
<p>I have heard (possibly on this site in prior years) that the "ownership" of the trust fund can be either the trustee or the beneficiary, depending how things are written, you might check that out, if your parents are the trustee and have total control, perhaps it would be considered their asset.</p>
<p>Is it that you think college is an unworthy use of your money? The rest of us should subsidize your education so that you can save your money for clothes and cars? Do you even hear the dishonesty in what you are asking? Might your grandparent have had education in mind in leaving you the money?</p>
<p>Just amazing there is no hesitation in asking how to be dishonest.</p>
<p>As to the simplified needs test: your familys EFC is a sum of four different things. It is a percentage of 1) parents income, 2) students income, 3) parents assets, and 4) student assets. If the parents AGI (adjusted gross income) is below $50,000 and (this and is important) both the parents and student file a short form (1040A or 1040EZ, or dont file at all), then all family assets are excluded when it comes to calculating the familys EFC. The AGI is found on line 21 of 1040A or line 4 1040EZ. As I understand it, when you file FAFSA online, if you check the boxes for the short forms and the parents AGI is beneath $50,000, you will be allowed to skip asset questions. </p>
<p>If your parents file a long form (1040), you can still qualify for the simplified needs test but you may have to convince a financial aid officer that you could have filed a short form. Your parents should consider talking to an accountant or a college financial aid planner and comparing what the benefits of filing a 1040 v a short form v potentially extra financial aid.</p>