If I open a little business and I am a transfer student will affect my financial Aid in the future?

Paying for College
1

Hello! I am marry and I am transfer student from college, but I want to open a little business which will require to report taxes from me, this business would operate one or two days a week from the flea market. My concern is Could that affect my eligibility for my Financial Aid to continue my education?.

2

Yes

3

knowing that selling in the flea markets are not sure incomes, if the sales are really low or non. Do that still affect? and Why?

4

FAFSA isn’t estimating future income, it’s reporting past income. You asked if a small business will affect your future financial aid. The answer is that it could, depending on how much money you make. Without knowing specifics, that’s the best answer that anyone can give you.

5

If you’re earning little or no income, then your aid won’t be affected. I think you can earn up to about $6000 per year and your aid won’t be affected.

Besides, you’re a transfer student…your aid for the next school year will be based on 2015 income. Your aid for 2016-17 school year will also be based on 2015 income.

So, I think, you’re fine

6

also my concern is about my husband report taxes cause he is the only household income and he reports about 68thousand anually. He doesn’t me to do none about businesses, for the reason that we report joined as couple and probably I’ll affect not only my education even my 3 kids as well, one is transferring to an university this fall year too.

7

Your husband’s income will be reported on your FAFSA, as well as on the FAFSA for each of your kids.

8

If you make money on your business, it will be taxed and reported. Whether it makes a difference in you FA will depend on how much you make and how much your husband makes.

9

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husband report taxes cause he is the only household income and he reports about 68thousand anually
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You should have mentioned that in your first post.

Any income that you earn will be added to that.

I’m not sure that you would qualify for much aid in “free money” anyway. What is your EFC now? What aid are you getting now?

10

Are you a U.S citizen or permanent resident?