For fafsa, student assets count 20% toward EFC with no asset protection allowance.
For fafsa, the parent asset protection allowances are on page 19, table A5 in the fafsa formula guide:
http://ifap.ed.gov/efcformulaguide/attachments/090214EFCFormulaGuide1516.pdf
The asset protection allowances have been dropping the last 4 or 5 years due to the formula that sets them being influenced by low inflation the last few years. It’s actually 5.64% of assets for parents who are in the 47% bracket in table A6 and only on the amount over the asset protection allowance.
This would only be for those who don’t qualify for the simplified formula or auto 0 EFC where assets don’t count at all.