Question on the wording of financial aid info on web sites

[orangepop]

I have seen a few sites that say a college will cover 100% of needs (maybe not worded quite that way) if parents' income is less than a certain figure. Ours would be in the group, but does that mean it doesn't take the student's asset into account since it just says parents?

I did a FAFSA for practice and it turned out our EFC was very high since S has assets, but as parents our income was low.

Just wondered if this makes us not qualify to be in a group such as that, or if they truly do go by just the parents' portion at some places?

[sueinphilly]

need will most likely be defined as COA-EFC. and yes your S's assets will be part of the EFC calculation. Can you move that money into parent's name so the percentage the fafsa will count will be less (or possibly exclude the assets entirely if your income or some other factors are met). Child has no asset protection, parent does

http://ifap.ed.gov/eannouncements/at...rmulaGuide.pdf
this is the actual forms and documentation for the fafsa formula for the 2008-2009 year, asset/income allowances and protections could change next.

about student income allowances
S. 1762, the Higher Education Access Act of 2007
3750 + taxes will be excluded for the fafsa submitted in Jan 09 (based on 2008 student income) for school year 2009-2010 and 4500 + for the following year (and it goes up from there)