<p>I just need some input on how much money I can make without losing this, I'm living with friends but with zero income at the moment. I would like to start working though, but I don't want to lose my grant.</p>
<p>Any help is very appreciated, I don't like sitting around just going to school and not working.</p>
<p>As you are dependent, you can earn up to ~9500 before income begins to affect EFC.
However, any assets will be hit at 20%. I’m 95% certain that single independent students have no asset protection but someone can correct me if I’m wrong. </p>
<p>Even at 20% going towards your EFC, you’re going to way more than make up for whatever you might lose in Pell.</p>
<p>I don’t fully understand what the percentages mean, as much as I hate to say it as I don’t completely understand everything behind the grant.</p>
<p>Also if I’m understanding it correctly though, it would be wise to try and get a job to make about 10k a year or so as anything lost wouldn’t really be lost, but gained from the income itself?</p>
<p>Why don’t you try FAFSA4caster with $0 & $10,000 incomes See [Estimate</a> Your Aid | Federal Student Aid](<a href=“http://studentaid.ed.gov/fafsa/estimate]Estimate”>http://studentaid.ed.gov/fafsa/estimate)
</p>
<p>Romani…</p>
<p>Can he earn that much w/o affecting EFC as a dependent? I thought that the amount was somewhere around $6k.</p>
<p>Mitch…the % only becomes an issue if you have SAVINGS at the time you file FAFSA. If you’re spending your earnings on rent, food, etc, and you don’t have savings when you file FAFSA, then % doesn’t matter. </p>
<p>So, before you file FAFSA, pay your rent, buy your groceries, get your car fixed, etc, so you don’t have much in savings.</p>
<p>However, if you qualify for auto 0, I don’t think assets matter at all.</p>
<p>I believe the fafsa4caster is a bit out of date…unless they have recently changed it.</p>
<p>M2ck, you’re confusing dependent and independent limits.</p>
<p>There is no auto zero for independent students without dependents.</p>
<p>Oh I see my error. Post two should’ve said INDEPENDENT not dependent. Ack! Sorry :o</p>
<p>Well most certainly the money would be spent, not sitting in savings. So the only thing I was wonder was an income number, I will try out that calculator though to see if it helps.</p>
<p>Oh and I don’t even have a savings account any more because I had no use for it after being laid off.</p>
<p>Are you independent or dependent? If you are dependent you would of had to provide your parent’s information.</p>
<p>Dependent students can earn roughly $6,000 before affecting the EFC. I believe the amount for independent students is $9,000 or maybe even a little higher. </p>
<p>I am gathering you are talking about starting to work this year and losing financial for next year?</p>
<p>I am independent, and that calculator didn’t really help sorry to say. I messed with earnings and it didn’t really change much or at all. :X</p>
<p>Mitch…you’ve been contemplating this since July. Working is a good thing. It gives you employment history and job responsibilities. If you are going to college full time, you probably can’t work more than 10-15 hours a week. If you do this all year long, it is unlikely you will earn more than $9000. </p>
<p>I think getting a job sounds like something well worth pursuing. </p>
<p>If you currently have $0 income, how are you paying living expenses? </p>
<p>Are you talking about the Pell Grant, or do you also have a college grant? Even if you lose some of the Pell, it will not equal every penny you earn.</p>
<p>Of course working is a good thing, and living expenses are covered by people who owe me from the past. I still chip in and do odd jobs under the table when they actually come up but I need something stable to have real income, even if it’s low.</p>
<p>If you work 15 hours a week at $10 per hour, you would earn $7800 in a full year…$150 per week…as an example.</p>
<p>See <a href=“http://www.ifap.ed.gov/efcformulaguide/attachments/091913EFCFormulaGuide1415.pdf[/url]”>http://www.ifap.ed.gov/efcformulaguide/attachments/091913EFCFormulaGuide1415.pdf</a>
For single independent student, the allowances against student income are</p>
<p>2013 Federal income tax paid +
State and other tax allowance +
Social Security tax +
$9730</p>
<p>So if you making $10,000 in 2013, your 2014 Federal Aid should not be impacted at all. And if you input correctly, the FAFSA4caster should results the max amount of Pell grant.</p>
<p>Independent students without dependents other than a spouse often have a 0 EFC, but it is never an “auto 0” EFC. It is always best to work and make as much money as possible, because the more money you make the more you will have to pay the bills.</p>
<p>I am independent</p>
<p>Oh, ok. I see in another thread that you’re 25. I thought you were younger/dependent.</p>
<p>As Romani indicated…as an independent student, you can earn up to about $9k and it won’t affect FAFSA. So, find a job. :)</p>