Hi, so currently i’m 19 working a part-time job. I started working at this current job February 2015. I earn $13.60 an hour and work over 30hrs a week and sometimes overtime (40+). I’m concerned with all the money that i’m making that it could affect the amount of financial aid that I’ll receive. My sibling is currently going off to a university this fall and i’m concerned that by me working a lot it could possibly jeopardize the amount of aid he’ll receive as well. I’ve calculated and it seems that by the end of 2015 i’ll be making a little over $10,000. I’m worried that i’ll end up having to pay out of pocket for tuition once I transfer to a 4-year university. so ultimately my question is should i worry, quit my job, reduce my hours, or don’t care.
You have an allowable amount of earnings before it starts to hit your FAFSA EFC (I think it’s near $6k). What exactly do you think you’ll get for FA? The max federal FA you can get is a $5500 loan and <$6K in Pell grant. You’re going to quit work to protect that? As @kgos16 asked, what is your EFC? Your earnings may not make any difference in the Pell Grant (you can still borrow the $5500).
There was a time when people preferred to work other than take gov’t aid. What happened to that sort of thinking?
Anyway…you need to consider if your grades will be negatively affected by working too many hours. Outright quitting your job is very short-sighted. There aren’t a lot of jobs for 19 year olds that pay a good bit over minimum wage.
I checked & my EFC is 000056 for 2015-2016 FAFSA. I’ve heard the lower it is to zero means the more grants i’ll be eligible for. Now that i’m currently working i’m not sure how much higher that number will go. @mom2collegekids I’m an honor student, i’ve made the dean list twice during my first year in college. I would like to continue working & using the money i’ve saved towards my college expenses as well as savings for rainy days.
It’s no crazier than the folks who come here trying to get advice on how to vandalize their family’s savings and assets just to get their EFCs down and inch closer to those fat, juicy $5000 Pell grants that won’t even come close to covering their costs… I don’t get it myself. In any universe, $10,000 cash > $5,000 cash.
You already estimated that you might make $10,000 this year. Consider running the net price calculator on your college website and find out what would happen. It might give you peace of mind if anything else.
It depends on parent income too because if it is very low your income and assets might not have to be included. Also I believe there is an income protection amount of around $6000 for you, then over that it would add 50% of amount to student contribution. So if you made $10,000 it would be $2,000.
His parents’ income can’t be that low because he does have an EFC. It is a small EFC, but the fact that he has one means his parents’ income is likely too high for assets not to count.
The student was a freshman this past year and worked a lot and got good grades. That may not continue as he takes more difficult classes. At some point, he may need to consider less hours just to maintain a high GPA.