https://ifap.ed.gov/efcformulaguide/071017EFCFormulaGuide1819.html
It llooks like the dependent student income protection allowance has increased to $6,570 from $6,420 the previous year.
Income thresholds for Simplified Needs and Auto Zero EFC are staying at $49,999 and $25,000, respectively.
Parent Asset Protection Allowance seems to have increased by about $1,000 compared to amount for same age last year.
Thanks mommdc. I’m still learning about EFC calculations, and I don’t fully understand the link above.
Would this change affect how EFC is calculated for married parents, 30k income, 6 in household, no assets (except ~50k in home equity)?
Student has no income. Sounds like this is what the change is about.
The formula changes a bit every year. If asset protection allowance goes up then less of the assets will be assessed towards EFC.
You can estimate your EFC at Collegeboard EFC calculator. Choose federal methodology.
https://bigfuture.collegeboard.org/pay-for-college/paying-your-share/expected-family-contribution-calculator
If your income is under $50,000 and you were eligible to file a 1040A in 2016, or received a federal means tested benefit like reduced lunch or SNAP (which with your family size and income I would expect you qualify for), then you would be able to qualify for simplified needs. With that your assets would not count.
And primary home equity doesn’t count for FAFSA either.