Someone may have made a stab at the exemption being equal to the age, but there is a chart, based on the age of the older parent in a two parent family. The older you are, the more protection. For single parents, it is about 1/4 of the amount allowed for a two parent family. Mid-50’s is about $10k in protection.
Student have no protection. If there is an asset on FAFSA filing day, it is assessed at 20%, so $1000 in a bank account means the student is expected to contribute $200, and the EFC will be increased by that amount.