<p>I'm an older student, disabled, but I lost my income, because of an inheritance - money that I had hoped would go towards a home. Unfortunately, now I am just using this money to live (you can imagine) and it's dwindling fast.</p>
<p>I'm in a local community college, doing very well, but I am worried that despite the fact that I have no income, this money in savings will disqualify my financial aid for this coming yr. (It won't last long, btw, and I am also getting an ulcer about ending up homeless).</p>
<p>Does anyone know how the federal govt figures the combining of income plus any assets?</p>
<p>You probably qualify for simplified needs test, which means that you are exempt from consideration of your assets. I am assuming that you are over age 24 and are financially independent from your parents, and also that you qualify to follow a 1040A or 1040EZ. I ran the figures assuming -0- income and $100K in assets, and came up with a -0- EFC.</p>
<p>Thank you so much. Yes, you are correct that I am over 24 - I just turned 53. (hopefully, I will finish school & be employed before most people my age are retired - ha!) </p>
<p>This will keep the antacid costs down - thanks so much. I've waited WAY too long to go back to college - and I absolutely love it. I was panicing this week because I thought this would mess things up for both my schooling and two of my kids (who are going to college also).</p>
<p>If either or both of your kids are under age 24, and you are or were the custodial parent, then that may further reduce your EFC. (Though I don't know how it could get lower than 0 - but is something to keep in mind in case you get a part time job). </p>
<p>Basically, the financial aid system treats each kid as a dependent - even if they are living on their own - until age 24. (unless they are married or have completed military service). That's why I made the "assumption" about age - I have a 23 year old son who has been self-supporting and living on his own since age 20, but he's still considered my "dependent" for purposes of financial aid, even though I can't claim him as a dependent on my tax returns. </p>
<p>It sounds complex, but all you really have to do is follow the instructions carefully when you fill out the FAFSA and it will get the right information give you a calculation.</p>