<p>I applied for FAFSA this year just for the hell of it, but was not eligible for any aid due to my earnings in '08. However, I did not work at all this year so I am planning to apply again next year. How much would a person typically get if they have absolutely no income to report? Btw, I am independent so parental income is not relevant.</p>
<p>You are 24yo or older, emancipated, married, have a child or have been in the military? And you have no income? How do you live? I think that’s the first question you will be asked. </p>
<p>If you qualify for the max Pell Grant, it is $5350. Everyone who fills in a FAFSA can get a loan. (The amounts vary based on your year in school and whether you’re dep or indep.) Your state may have $ for people who qualify for full Pell but all other aid is up to the school or outside funding (meaning you winning scholarships).</p>
<p>I am 25, have a child, and am fortunate to have saved enough money to be comfortable for awhile. Do you know if they take into consideration the balances in your deposit accounts?</p>
<p>Yes, they take into account the balance on your savings/checking accounts and mutual funds. FAFSA does not take into account equity in an IRA, car, primary home or art/ jewelry but it does take into account assets like the accounts I listed, stocks, bonds and investment property. </p>
<p>Of the $ in the accounts they do account, they will exclude a certain amount as an “asset protection allowance” but I think that’ll be pretty low for you because you’re a single parent and young. Perhaps one of the financial aid officers will pop in here and give you a figure.</p>
<p>I remember my parents had to write down their balance in their checking accounts…</p>
<p>As you are an independent student with a dependent other than a spouse (assuming you provide more than 50% of the child’s support) then, if your income is below $30,000, you should be eligible for the automatic 0 EFC as long as you meet certain other criteria (mainly be eligible to file a 1040a or 1040ez tax return, though there are other ways to qualify). </p>
<p>If you do not provide more than 50% of the child’s support then you will not be eligible for the auto 0. But you should be eligible for the simplified needs test where assets are ignored if your income is below $50k and you meet other eligibility requirements (again a major one is that you are eligible to file a 1040a or 1040ez).</p>
<p>Just fill out an estimated fafsa form- all of your questions will be answered.</p>