Does getting a job affect my financial aid?

Paying for College
1

<p>I just got a job for the summer and another job for the school year.</p>

<p>My summer job is more like volunteer work. I get to teach underprivileged children who want to get ahead during the summer. I get paid $2000 at the END so that I may pay for my living during my trip (airfare, food, etc)</p>

<p>My school year job is working at a receptionist at a computer lab at the dorms. I actually get paid for it. Pay is 9.20/hour... but I think I'm going to work around 10 hours/week?</p>

<p>I submit a I-9 and a w-2 for both jobs...</p>

<p>would getting money from these jobs affect my financial aid.</p>

<p>My school costs about 28k
i got 13k financial aid and 2k fed loans (need based)
Then the rest in parental loans (not need based)</p>

<p>But I if worked, would I decrease my financial aid even more?</p>

2

<p>right now my student contribution is 0?</p>

<p>And shoud I convert my 2k loan into work study instead?</p>

3

<p>Dependent students have an income protection allowance of $4500 this year (plus allowances for taxes paid). Beyond that, 50% of your income will be added to your EFC when you file FAFSA next year. Income from work study jobs doesn’t affect your EFC. If you can convert loan to work study and don’t need the loan amount to pay your fall tuition, that would be a good idea.</p>

4

<p>technically the income protection will work out to closer to 5K when allowances for taxes are added it. Just to pick a nit :-)</p>

5

<p>Thanks!</p>

<p>Also, does my summer job count as income?
Since the money is more to cover costs than to serve as a salary?</p>

6

<p>all money you earn counts as income. any money earned from federal work study does NOT count towards that ~5K amount when it comes to Fafsa (you include it in your income but then you put that same amt on another line and it’s backed out)</p>

7

<p>You should check with the company (or someone who got a W-2 from them last year) on how they report this. Various options are available to them since travel and expenses are involved. If they elect to treat it as expense reimbursement they won’t withold any taxes of any type and also won’t report it in the wages block.</p>

8

<p>hi im in the same boat. where did you find the info on the protection allowance cap?</p>

<p>thanks</p>

9

<p>See the worksheet for dependent students here:</p>

<p><a href=“http://www.ifap.ed.gov/efcformulaguide/attachments/111408EFCFormulaGuide0910.pdf[/url]”>http://www.ifap.ed.gov/efcformulaguide/attachments/111408EFCFormulaGuide0910.pdf&lt;/a&gt;&lt;/p&gt;