Answers to Need Analysis Sample Test

All tests will include a combination of multiple-choice and scenario-based questions. The following examples are similar in structure and scope to the questions that will appear on the test for this topic.

1. If a dependent student qualifies for the simplified needs test, then

    • only student assets will count toward the primary EFC.
    • only parent assets will count toward the primary EFC.
    • CORRECT: neither student nor parent assets will count toward the primary EFC.
    • both student and parent assets will count toward the secondary EFC.

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2. The primary EFC will always be __________ the secondary EFC.

    • more than
    • more than or equal to
    • less than
    • CORRECT: less than or equal to

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3. A 26-year-old student completes the FAFSA. Her total income is $26,000, she was required to file a Form 1040, and she is not married and has no children. Her parents’ income is $49,000 and they completed a Form 1040A. Which formula will be used to calculate this student’s EFC?

    • Simplified Formula A
    • CORRECT: Regular Formula B
    • Regular Formula C
    • Automatic zero EFC

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4. The first ISIR for a dependent student shows a parent available income of $53,000 and a discretionary net worth of $11,000. The student makes a correction to the FASFA and the only change on the second ISIR is that the age of the older parent changed from 45 to 54. The EFC on the second ISIR will

    • be the same as the EFC on the first ISIR because the income and assets didn’t change.
    • CORRECT: decrease because the amount of the Education Savings and Asset Protection Allowance will increase.
    • increase because the parent is older.
    • not be calculated until the CPS reviews and resolves the conflicting information.

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5. You receive an ISIR for a dependent student listing one parent’s information. The student did not qualify for either of the alternate formulas. The parent has a negative adjusted available income and a net worth of $2,012, and the student had income of $17,250. Subsequently, you approve a dependency override appeal for the student. The EFC on the new ISIR, which reflects the student’s independent, is higher than the original EFC when the student was dependent. What is the most likely explanation for why the EFC increased?

    • The student has a lower income protection allowance with Formula B than with Formula A
    • The student has a lower social security tax allowance with Formula B than with Formula A
    • The student no longer qualifies for an automatic zero EFC
    • CORRECT: The student’s income is no longer reduced by the parent’s negative adjusted available income

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Publication Date: 2/15/2017

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