<p>So I have been going to school in the both the last fall and this spring semester. I am considering going summer as well.I did the income verification last fall, and proved that I made almost nothing and that I was eligable for financial aid. However, I just got a full-time job about a month ago, and have been working it ever since. I was contemplating taking out loans to pay for this next summer semester and also for the extra loan money (which I so desperately need). I have taken out so many loans this semester that all I am now eligible for is unsubsidized loans. If I were to take out loans this semester (without telling the college about my full time job) would that be considered fraud even though I'm not TECHNICALLY supposed to verify income again until the fall? I just don't want to go to jail for this. </p>
<p>direct student loans have nothing to do with income. Every US citizen who is a student can take direct loans.</p>
<p>You won’t do income verification until you fill out your next FAFSA, in 2015, for federal loans.</p>
<p>And when you fill out NEXT year’s FAFSA, you WILL include the 2014 income from your job.</p>
<p>Your award for this current school year was based on your 2012 income. Your award for the school year beginning fall of 2014 is based on your 2013 income. Your 2014 income will come into play for your aid and awards for the school year beginning in fall of 2015. </p>
<p>Awesome so it sounds like that income that I make now has no effect on my current financial aid, but only next years? That’s awesome, so I don’t have to worry about taking out the loan for the summer and getting jailed for fraud because it doesn’t effect this years income. Great. </p>