<p>I mean, does it severly lower your finanical aid package next year if you work?
(note- HS-senior thinking about part time employment)</p>
<p>You might as well get a jump on the job market because depending on what school you are admitted to there is a likelihood of your having a student contribution (the amount of money that you as the student will be required to contribute to the cost of your education). This could be anywhere from $1500 to 2500. Most students make this money from summer earnings or part-time jobs.
In addition there are 'start-up costs" connected with beginning college; books, computers, stereos, linen, clothes, hangin out off campus money, etc. and a part time job can help defray some of those cost.</p>
<p>In addition, this is your senior year, take some of the pressure off of your parents and contribute toward helping to pay your own way:)</p>
<p>It will affect your financial aid, yes, but that's no reason not to work. The FAFSA rightly expects you to contribute a good portion of your income on your education (I think 35% is the rate tossed around?). Working gives you job experience, income, and something to <em>do</em> with all that free time you have your senior year. ;)</p>
<p>Schools that use FAFSA only don't automatically include a contribution to the EFC from student earnings. And FAFSA shelters up to about $2600 in earnings, before assessing contributions to the EFC. So earn away, up to that amount-- it won't hurt your aid offers at FAFSA schools. Above that, 50% of your earnings will go toward EFC-- so each dollar earned will reduce your aid package by 50 cents.</p>
<p>Profile schools are different-- there will be a minimum contribution to the EFC from student earnings of $1150 (a bit more for upperclassmen). No income protection allowance as there is with the FAFSA. So the way it works out is you can earn up to about $2500 without increasing your contribution to the EFC (and thereby decreasing your aid package). Above that, each additional dollar you earn can reduce your aid package by up to 75 cents (!).</p>
<p>Now-- if you're financially in a position where you don't expect any need-based aid, none of this matters. But if you have any hope of getting need based aid, here's the bottom line:</p>
<p><strong>Keep student income under about $2600.</strong></p>
<p>Note that any federal work study income is exempted from the FAFSA and Profile formulas. So those jobe and that income is particularly valuable for students who expect to continue getting aid.</p>
<p>Wow, awesome info. Thanks guys.
Well, I'm thinking about doing a part time real estate gig. I got some offers recently, and I think the experience would def. help.</p>