Simplified Needs Test
Auto Zero EFC
That should say Schedule 1, not 12.
Also there are exclusions. If you only file schedule 1 for capital gains, unemployment compensation, Alaska Permanent Fund dividends, educator expenses, IRA deductions, or student loan interest deductions, then you answer the FAFSA question as “No” that asks if you filed a schedule 1.
Yes, thank you, when I copied from the link I quoted, it copied the footnotes as well.
I didn’t see it in time to edit my post.
The details can be found in the EFC formula that I posted the link for in the first post.
I just wanted to post some information about the simplified needs test and auto zero EFC because people had been wondering how the tax reform (no more 1040A or EZ) might affect the criteria to qualify.
The Collegeboard EFC calculator seems to be updated to reflect the 2020/21 EFC formula now (federal methodology).
They should have a question in there about the Schedule 1 qualifier. Using this calculator I don’t qualify for Simplified Needs test or Auto Zero because I don’t receive government assistance and am not a dislocated worker.
I don’t know, I did not delve into it in detail.
I just noticed that it now said 2020/21 EFC calculator and asked about 2018 income.
We don’t qualify for auto zero EFC or simplified needs, and in previous years the CB EFC calculator has been pretty accurate for us.
Maybe you can contact them and give them some feedback?
Anyone else have their EFC double over last year - with only a $400 increase in income?
Our EFC doubled because we went from 2 students in college to one.
Did your household size change, did you have assets above parent asset protection allowance?
Compared to last year the APA was much lower. Ours went from $13,000 to $7,000.
I wonder how many colleges really try to match the EFC. Most schools I have had my kids apply to must just laugh at it. My EFC for child number 2 is about 18K ( child one is out of college and his brother is three years behind him) and most OOS state schools have no problem tripping that.
Should be tripling that not tripping.
How does the SSI Program work?
It may not use the EFC if it uses the CSS Profile.