My son will be attending Drexel in the Fall. He received a fair amount of need based Grant money. Does anyone know how his paid co op is calculated for Financial Aid? Is it excluded from the how they calculate the EFC? I am concerned that the his paid co op may negatively effect his Grant money being taken out, which we are counting on to pay for college.
Thanks in advance
https://faaaccess.ed.gov/fotw1718/help/faadef46.htm
For FAFSA EFC calculation, income the student earned under a cooperative education program, is excluded from student income.
But if the student keeps this money in the bank until the next FAFSA is filed, then it would be reported under student assets.
So the student might want to help pay his college expenses with this money.
Does Drexel require CSS profile as well? I am not sure how co-op income is treated on CSS profile.
If he is just starting college in Fall '17, when will he have his first co-op?
IF it is a co-op completed in partnership WITH the school. If you’re just using “co-op” as a colloquial synonym for internship, or doing a co-op with a company that does not have a formal agreement with your school, you do not get that exemption. All that income IS counted as student income in calculation of the FAFSA EFC.
Source: I do co-op-like programs with companies, but not in partnership with my school, and that income has always counted towards my EFC.
Drexel Co-ops are affiliated with the school and all Co-ops are coordinated through the Steinbright Career Development Center even if it’s something you find and secure for yourself without using the office resources so it sounds like they should qualify.
It could be different depending on the program but the general 3 Co-op experience the first Co-op is either Fall/Winter or Spring/Summer of Sophomore year.
My son is doing the 5 year program with three 6 month co ops that have formal agreement through the school. His first co op will be in the fall and winter of year 2, then spring summer class. Same scenario for years 3 and 4, year five all classes .Drexel does require a CSS profile as well.
His aid for 2017/18 will be based on 2015 income.
His aid for 2018/19 will be based on 2016 income.
His aid for 2019/20 will be based on 2017 income.
His aid for 2020/2021 will be based on 2018 income (co-op income in fall’18)
His aid for 2021/2022 will be based on 2019 income (co-op in winter’19 and fall '19)
So it looks like the only years affected might be the last two. But check with the FA office about co-op earnings and how they may impact his need based aid. Assets have more impact on EFC for a student, so he should plan on using his earnings for college expenses in future semesters.