Will a student having money in a bank account lower the financial aid?

Paying for College
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from CPTOFthehouse
"Your student EFC is equal to 20% of your assets in your name/ownership on the day you complete FAFSA plus 1/2 of any 2014 income over about $6K. Your parental EFC is equal to 5.6% of parental assets over the protection allowance on the day FAFSA is completed plus some sliding % of their income as reported on 2014 tax return as AGI with some possible adjustment. "

question, captain.
Are there two EFC numbers? 1 for student, 1 for parents? or do they get combined to make one?

thanks so far for all the info. i’ve bookmarked this thread. Going to look up 529s now for junior daughter. might be too late for senior son . . .

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There is one EFC number but it is comprised of parental EFC and student’s. If there are two children in a family, the parental EFC is halved for each student and each student’s personal EFC is added to it.

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thanks CPT. we are looking at a potential scholarship calling for EFC less than XXX to apply for jr. daughter next year.

i’m playing around with EFC forecaster. If i put her savings down as ours (by opening a 529 plan) she qualifies to apply for this special scholarship. If the money is in her name alone; she doesnt. It’ll be that close! knowing this ahead of time will encourage me to have her pay for her own AP tests and anything college/education related.