<p>I am currently a senior in high school, and I wish to know whether colleges use my parents' 2006 or 2005 earnings statements to calculate our EFC.</p>
<p>Also do colleges look at what's in the bank account?</p>
<ol>
<li><p>Your base year will be Jan 1, 2006 - Dec 31, 2006</p></li>
<li><p>Colleges will look at your parents assets as well as your assets (not usually retirement accounts)....it could be in a bank savings/checking account, CDs, mutual funds, EE bonds etc</p></li>
</ol>
<p>They don't typically 'look' at the account. But when you apply for aid via the FAFSA or Profile forms, you're required to list your bank accounts (and CD's and such) and the amount in each on the day you file the FAFSA or Profile.</p>
<p>FAFSA doesn't count personal property like cars and clothes and furniture.</p>
<p>The primary factor that's used to determine eligibility for aid is the parent's AGI in the base income year. They also consider the student's income, as well as student's liquid assets and parent's liquid assets. Numnber in the family, and number of kids in college at the same time is also factored in.</p>