2. Which of the following statements, if any, are correct? The Automatically Assessed Formula for determining the Expected Family Contribution (EFC) requires that the student or parent's AGI is less than $50,000. 1. 2. The Simplified Method for determining Expected Family Contribution (EFC) does not consider the family's assets in its formula a. 1 only. b. 2 only. c. Both 1 and 2. d. Neither 1 nor 2. 3. Which of the following statements, if any, are correct? 1. Grants are money provided to students that does not require repayment 2. A Federal Pell Grant is need-based financial aid specifically for students who have already received an undergraduate degree and are pursuing a graduate degree. a. 1 only. b. 2 only. c. Both 1 and 2. d. Neither 1 nor 2