<p>I noticed that families making less than $50k AGI automatically have their assets disregarded when determining EFC. But I have less than $15k AGI, with about $25k assets saved for living expenses. Is there any rule or way that allows independent student with no dependents to have assets disregarded?</p>
<p>Yes-- if you're actually independent, the formula will take that into consideration. You should qualify for the automatic zero EFC if you can file 1040A or 1040EZ. But make sure you meet the requirements for being independent. Try the FinAid calculator and see if it disregards your assets.</p>
<p>I do not believe that the automatic zero EFC applies to independent students with no dependents other than a spouse.</p>
<p>if the student is the one with the assets, the college will expect a larger amount to go towards expenses, than if the student is the dependent, and the guardians have the assets.
But what better for your savings to go for, than to your education!</p>
<p>Jugulator: Oops- You're right-- the automatic zero EFC doesn't apply to independent students with no dependents other than spouse.</p>
<p>I should have typed "simplified needs test", which is available to independent students with no dependents, so long as their AGI is below 50K and they can file the 1040A or EZ. That should exclude assets from the federal formula.</p>
<p>Cornell Law has the requirements for both the automatic zero EFC and the simplified needs test here:</p>