What contributes to the EFC?

scottaa
Thu, 04 Jun 2009 08:36:45 +0000

As a student, how do you save money and still not get penalized for it?

Good question.

As already mentioned, your parents have an asset protection allowance and you do not. The APA is based upon the age of your oldest parent. It’s not a direct equivalent, but it is close to APA=age*1000. So if your parent is 45, they should have an APA somewhere close to $45,000. (that is if you live in a two-parent, married household)

I don’t have a link handy to the actual table.

Anyway if your parents have room in their APA, then have them open a second account in their name that you use. Save your money there. They can make you a signatory, and give you a debit card on the account if you so wish.

Bending the rules? No, that’s the rules as they are written.