<p>I'm a junior at a public high school in PA researching undergraduate engineering programs. I like Drexel's co-op program, but does the income earned from the co-op might negatively affect the financial aid package during the time that I'm attending Drexel? Let's say I apply as a freshman, the tuition is $50,000, and I receive $20,000 in scholarships and grants. Then as a sophomore, I spend a semester in a co-op program and earn $10,000. Does that extra income decrease my scholarship and grant money maybe by $10,000? So I'm still spending $30,000 per year, but for five years instead of the traditional four years because of the time spent in co-ops?</p>
<p>Hi Diego,
Co-Op salary is not factored into your financial aid or scholarships. Assuming you’re continuing to meet the requirements for those scholarships and grants (GPA, participation in “X” program, etc.), you will receive that amount towards your tuition every year. Your Co-Op salary is yours to do what you want with; whether you want or need to put it towards tuition is up to you. </p>
<p>Hopefully I answered your question. If you have any other questions, please ask!</p>
<p>Thanks. I was hoping that was the case.</p>
<p>I has to be counted on your FASFA so it could impact your need based; although $10K won’t make much differnece.</p>
<p>EFCShock, that’s exactly what I want to know. Let’s say I get a full-time co-op job (for college credit) that pays me $20/hour for 4 months and I earn $12,000. When I report that income on my FAFSA, does that raise my EFC? Total annual cost to attend Drexel is $65,000 already. Maybe I get $20,000 in grants and scholarships, but the cost is still very high at $45,000. I could say, “Well, the co-ops will help me finance the $45,000.” But then I find out that my higher EFC reduces my grants and scholarships to $15,000. So now I have to finance $50,000/year. OutWiththeRiot said that the co-op salary isn’t factored into my financial aid or scholarship, so I thought that meant the income isn’t counted on my FAFSA.</p>
<p>My deepest apologies, I actually didn’t consider that student income is reported on the FAFSA. Big error on my part, sorry.</p>
<p>A quick Google yielded me this link, which describes the weight of student income on the FAFSA:</p>
<p><a href=“http://www.custudentloans.org/2011/07/11/maximize-financial-aid-while-keeping-your-summer-job-the-fafsa-income-allowance/”>http://www.custudentloans.org/2011/07/11/maximize-financial-aid-while-keeping-your-summer-job-the-fafsa-income-allowance/</a></p>
<p>I can’t speak for the credibility of this website though, and as EFCShock noted, it’s unlikely that your Co-Op salary would be entirely to impactful on financial aid. That being said, I think it’s very smart of you still want to take it into account. I’d encourage you to talk to Drexel directly to find out how Co-Op salary affects need-based grants. </p>
<p>I just found this on the Drexel website: <a href=“Your Financial Aid Opportunities”>http://www.drexel.edu/undergrad/financing/evaluate/</a></p>
<p>Income earned while employed through Drexel Co-op will be excluded when calculating your Expected Family Contribution (EFC) on the FAFSA. EFC is used to determine one’s level of eligibility for federal and institutional need-based aid.</p>
<p>So I think OnWithThe Riot was right the first time?</p>
<p>I don’t believe all co-ops are paid. Something to consider.</p>
<p>This is definitely an extra perk of the co-op system at Drexel. The earnings do not affect your financial aid and I used my co-op income for paying rent and paying off my federal student loans. </p>