<p>1) I have $378 in my checkings account. Do I have to mention this? And how will it affect my EFC?</p>
<p>2) My parents are not eligible to file a 1040A (my dad is self-employed). Their income is below $20,000...is there another way to get an automatic zero-EFC?</p>
<p>3) If not, then what is the maximum asset allowance for my parents (checking accounts+cash+investments) to have an EFC of 0?</p>
<p>I’m confused. Do your parents have HUGE assets? EFC is largely based on income. With an income of $20,000, your EFC isn’t going to be huge. </p>
<p>I’m not sure about the qualifications for that auto zero…but it’s possible that the income threshold (below $30K) and one of the means tests (free lunch for example) would qualify you. Do you currently get free lunch or any other government subsidies?</p>
<p>The $378 in your checking account will increase your EFC by $75.</p>
<p>Dad is self-employed … that is the key here. I have seen tax return upon tax return for self-employed people who make very little money … on paper. I often find out there is investment income, or cash in the bank, or rental properties, though. It’s a good thing the OP is asking first. Too often students say their parents can file a 1040A or 1040EZ when they cannot. The student thinks he will get a Pell grant … I collect the necessary asset info & plug it into the formula … and voila … EFC goes way up. </p>
<p>How much do your parents HAVE in assets? That is the real question … because you have to answer honestly.</p>