<p>If your parents’ adjusted gross income is less than $50,000 for the year AND they either 1)were eligible to file a 1040A or 1040EZ (even if they filed a 1040 - it’s just if they COULD have filed a 1040A/1040EZ) or 2) someone in their household received federal means-tested benefits during the year (food stamps, social security income, TANF, WIC, or free/reduced lunch) the Simplified Needs formula is used to calculate the Expected Family Contribution. Under this formula, NO ASSETS are used in the formula. They could have a million dollars and it wouldn’t be counted. If they fit the criteria listed, their savings won’t be taken into consideration in the formula for FAFSA.</p>
<p>It doesn’t look like your parents’ AGI will be low enough, but if it is … if the AGI is less than or equal to $30,000 and the tax filer/means-tested benefit stuff above is true, your EFC is automatically 0.</p>
<p>CSS Profile is a different story. Profile schools look at assets much more carefully. The way the savings are treated may be different at different schools. You won’t really know until you get your award letter from a Profile school.</p>
<p>I should point out swimcatsmom’s post as a caution, though. Just because your EFC is low or 0 doesn’t mean that will be all you’ll have to pay. The EFC is really just a number used when awarding aid. If the school doesn’t meet need, or if they meet need with lots of loans … you’ll be paying more than the EFC.</p>