<p>Whenever I try to calculate my EFC online (whether it be through the institutional or federal methodology), it says my family's assets are disregarded because my family qualified for the simplified needs test. What exactly is this test? Will schools (ones that use CSS Profile especially) disregard my family's assets when assessing my need? That sounds too good to be true!</p>
<p>Can anyone help me with this? My family makes about ~45k in annual income, but our home equity is nearing ~250k, so you can imagine it makes a significant difference in calculating our EFC!</p>
<p>The simplified needs test for FAFSA is:
[quote]
For the 2007-2008 award year, a dependent student qualifies for the simplified EFC formula if the following are true:
(1) anyone included in the parents’ household size (as defined on the FAFSA) received benefits during the base year from any of the designated means-tested Federal benefit programs, including the Supplemental Security Income (SSI) Program, the Food Stamp Program, the Free and Reduced Price School Lunch Program, the Temporary Assistance for Needy Families (TANF) Program, and the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC); or
the student’s parents filed or are eligible to file a 2006 IRS Form 1040A or 1040EZ (they are not required to file a 2006 Form 1040)1, or the parents are not required to file any income tax return; and
(2) the 2006 income of the student’s parents from one of the two sources below is $49,999 or less:
• for tax filers, the parents’ adjusted gross income from 2006 Form 1040A or 1040EZ2 is $49,999 or less, or
• for non-tax filers, the income shown on the 2006 W-2 forms of both parents (plus any other earnings from work not included on the W-2s) is $49,999 or less.
[/quote]
</p>
<p>I did not think that it would apply to CSS/profile but I may be wrong. Hopefully someone here has more knowledge of CSS/profile than I do.</p>
<p>Thanks for the info, swim. </p>
<p>My joy was short-lived. :(</p>