<p>I am an incoming 12th grader.
My family meets all the requirements for 0 EFC. I need to 0 EFC, because my family has large assets, but that money is not necessarily for college. I think it might too late to apply 0 EFC, but am I really?</p>
<p>No you’re not too late. In fact you can’t file yet. There are two primary forms that you will file. The FAFSA cannot be filed until January 1st of next year. Goto [FAFSA</a> - Free Application for Federal Student Aid](<a href=“http://www.fafsa.ed.gov%5DFAFSA”>http://www.fafsa.ed.gov) for more info.</p>
<p>The profile is wanted by about 300 colleges and typically can be filed in October or November at the earliest. Goto [::</a> College Planning Made Easy | Inside Source for College Admissions Requirements](<a href=“http://www.collegeboard.com%5D::”>http://www.collegeboard.com) for more info.</p>
<p>Also, if you have large assets, you can only get a 0 EFC if you qualify for the Automatic 0 EFC. Otherwise, those assets WILL count toward your EFC. You can qualify for the Automatic 0 EFC by a combination of making less than $30,000 per year, being able to file a 1040A or 1040EZ, and/or qualifying for federal means-tested benefits (food stamps, free or reduced school lunch, etc.).</p>
<p>Yes, my family’s income is $20,000 and my father is on SSI.</p>
<p>You don’t ‘apply for 0 EFC’. When you complete FAFSA (which is not available until January 1st for the 2009-2010 school year) the EFC formula calculates your EFC. If you are eligible for the 0 EFC that is what the EFC formula will calculate.</p>
<p>It sounds like you should qualify based on income, as long as you meet other criteria. Does your Dad file a 1040a or EZ tax return? If not you can lose the eligibility for the auto 0 or simplified needs test. That happened to us my daughter’s first year of college. We met the income criteria but were ineligible because we had to file a 1040 (because of a $100 refund an overpayment of State taxes the previous year).</p>
<p>Also remember the 0 EFC is just for FAFSA. If you are going to apply to any schools that use CSS there is no auto 0 for CSS and assets *may *be taken into account for any institutional aid.</p>
<p>Most people with considerable assets can’t file the 1040A because of the interest/losses etc. caused by the assets. So your big issue will be to double check that your family can file one of these short tax forms. </p>
<p>Also, realize you must be applying to FAFSA only schools to not have these assets counted.</p>
<p>It is correct that many students who have a lot of assets will not qualify for automatic 0 EFC or simplified formula (both of which ignore assets) - the families usually can’t file a 1040A/AZ (and remember folks, if you have business income or if you itemize, you are NOT eligible to file a 1040A/EZ - can’t tell you how many folks just don’t get that). The other “tests” that would allow an automatic 0 EFC are someone in the family has received federal means tested benefits within the past 24 months or a parent is a dislocated worker (lost job - not retired) or displaced homemaker. Otherwise, assets are going to come into play. Assets in a retirement account are not reported on FAFSA; neither is the equity in your family home.</p>
<p>Okay I got this.</p>
<p>My Dad is on SSI.
My family income is less than $30,000.
My Dad files a 1040A tax form.</p>
<p>Now what?</p>
<p>Now nothing. You cannot file FAFSA for the 2010-2011 school year until January 1st or later. It is filing FAFSA that gives you your EFC. You will have to provide 2009 tax information. If the 2009 information meets all the requirements you should have a 0 EFC.</p>
<p>You can go ahead and start the process - for instance you need a PIN number and one of your parents needs a PIN number. Go ahead and apply for them now.</p>