So my mom’s a single parent with three kids. She makes around 13k yearly. Our efc is usually 0 and I get maximum pell grant. But I recently started a job that gives me good hours and I get paid $11/hr. My yearly income this year will probably be more than my mom’s if I keep on working. I was wondering if I should stop working as much to keep my fin aid or if I keep on working will my fin aid stop? The extra money I make helps out with my family so idk what to do
For FAFSA purposes, you probably qualify for Auto 0 and your income won’t be taken into account.
There is almost never going to be a scenario where it’s better for you to stop working. FA is almost never reduced dollar for dollar.
I made more than my parents while I was an undergrad but it never counted because of auto 0.
Is all of your aid based on the FAFSA, or do you also have to file the CSS Profile? If your school is FAFSA only, then it is quite possible that because your mom’s income is so low, your income won’t matter. Print out the formula and work through it on paper to see what happens to your Pell if you make different amounts of money. https://ifap.ed.gov/efcformulaguide/attachments/100615EFCFormulaGuide1617Attach.pdf
My best guess would be that even if the money you make does reduce your Pell a bit, you (and your family) will still come out ahead overall if you do keep your job.
Wishing you all the best!
Thank you for the fast replies!
I did the EFC formula and got 500?? Is that good or bad since I usually get 0?
$500 is a small price to pay, when taken in to consideration all of the other things that you and your family need to do with the money (like helping to close any gaps in your financial aid)
You may have done something wrong. If your mom’s total income from everything is really THAT low, then assets should not have counted. Does your mom have any other income? child or spousal support being paid to her?
@collegeconfuzed, if you use the EFC formula make sure you use the correct worksheet, regular parent worksheet A, page 9 of the PDF.
On the top at line 1 it has parent AGI (total taxable income on tax return), then line 2 income from working. The it has an asterisk after taxable income, line 3. On the bottom of form by the asterisk it says that if taxable income is $25,000 or less and your mom was able to file a 1040A tax form (or didn’t have to file a return), or anyone in the household received federal means tested benefits (free school lunch, Snap, TANF, WIC) in 2015 or 2014, or parent was a dislocated worker then to STOP any other calculations and EFC would be automatically zero.