As an independent student with no dependents and an income of under 50k, is my EFC calculated under the simplified needs test? I have gotten a few different answers and I just wanted some clarification.
Thanks!
Page 3 of the link has the requirements for being independent. Page 5 has the requirements for the simplified formula for independent students who are single or only have a spouse. It’s not just AGI under $50k, you have to meet one of the other requirements too. All the simplified formula does is not count your assets. Do you have a lot of assets? The simplified formula starts on page 23. You can work through it manually if you want.
http://ifap.ed.gov/efcformulaguide/attachments/090214EFCFormulaGuide1516.pdf