<p>Hello, I was wondering how student income could influence FAFSA? I might get a job depending on how it influences how much financial aid I get. Will a $1000, $3000, or even $5000 have an effect on how much aid?</p>
<p>I think on FAFSA student assets contribute about 25%. Some colleges move the student assets with parental assets. About 5-7% of parental assets are counted.</p>
<p>oh , so 25% of my earnings is added to my EFC? Is this starting at $600 since income becomes taxable at $600?</p>
<p>No-- on the FAFSA students get an income allowance that protects the first $2600 of income. Beyond that, income gets assessed at about 25%.</p>
<p>Assets are different-- no student asset protection allowance, and they get assessed a whopping 35%.</p>
<p>Ah I see...i'll work till I get at least 2600 then ideally.</p>
<p>That's a good strategy. </p>
<p>Note also that student income from federal Work Study programs is excluded from the formula.</p>