<p>On the FAFSA they asked for how much you had in savings and I was wondering - Does the amount you have in bank savings affect the amount of $$ you get? Is it as big of a factor as income?</p>
<p>It is a factor, though not a large one. Parents savings are considered at a much lower rate than the students.</p>
<p>Not as large a factor as income but can definitely be a factor.</p>
<p>Parents have some protected assets depending on the number of parents and the age of the oldest one. After that @ 5.6% goes to the EFC. </p>
<p>(Dependent) Students have no protected assets. 20% of assets go to the EFC.</p>
<p>If the student qualifies for the simplified needs test or automatic 0 EFC then assets are ignored.</p>