So far I’ve been a small regional campus very close to where my family lives, taking classes and working part time to save up money to help in trying to get up to one of the main college campuses so I can actually finish my degree, which I can’t do here. Living with my family, I’ve been able to save up almost all the money I’ve made working so far since the end of last school year. We’re getting by like that, but they’re not really going to be able to help me in going up there at all.
So far I’ve been qualifying for the full amounts of aid and pell grant available. Now that I’m working and saving up whatever money I can, I’m now wondering, how much can I have saved up before that affects my aid? Am I going to hit a point where I’ve got enough to start hurting my aid but not make up the difference giving me less funds? Even if it evens out and I only loose as much past that point as I have saved, will that happen? Will I hit a point where I’m stressing my self out trying to work and do classes and everything just to have it not being helping me anyway because I’m not actually going to have any more money then I would if I wasn’t? Mostly, though, I just want to make sure I’m not working hard just to end up screwing myself over.
Do your parents qualify for the Simplified assets test? If so, it shouldn’t matter how much you have saved up. I’m not sure what happens if your income goes over the max ($6300?), but the assets shouldn’t matter. Also, if you keep any FA you received and didn’t need for the current year separate, you do not have to include that in the assets section if you have to report assets at some point.
I’m old enough my parents incomes isn’t being considered. And yea, I know left over aid from other years isn’t counted. Luckily since I was able to save a good portion of the subsidized loans from last and now this year
Read the introduction first especially page 3 to 6, then I think worksheets for independent student without dependents (other than spouse) start at page 21
Your income will be offset by 2015 federal income tax paid (use a tax estimator to figure that amount), allowance for state tax, social sec tax (table B1 and B2 of the EFC formula) and income protection allowance of $9,960 for single independent students.
There is also an asset protection allowance depending on age. (table B4).
If you qualify for simplified needs test then your assets won’t be figured in.