Part-Time Job and FA

Paying for College
1

<p>So I just started working about four weeks ago, bussing tables at a local restaurant. I do four shifts of four hours over the weekend, making $4.65 base plus tips from a tip pool. The only paycheck I've seen so far was $193 dollars for my first weekend.</p>

<p>My question is how on earth is this going to affect my financial aid. The sense I'm getting from reading through threads here is that this job has the potential to raise the Expected Student Contribution (which I didn't even know existed until recently), and I'm not sure what to make of that. </p>

<p>On one hand, I do really like having money around. I like knowing what it's like to earn a dollar. But, at the same time, I don't want to shoot myself in the foot in terms of FA. I'm upper middle class, so every aid dollar is going to count. =/</p>

<p>Can anyone help shed some light on this? What can I expect when I get my FA package if I keep doing this job?</p>

2

<p>I believe the first $6000 of income or so you earn will not affect your aid at all. If, however, you have this money when you file the FAFSA, it will be considered an asset and 20% of what you have will be added to your EFC.</p>

3

<p>The FAFSA’s income protection for dependent undergraduate students is $6,000 for the 2012-2013 academic year.</p>

<p>If you making less than $6,000, your income shouldn’t impact your financial aid.</p>

4

<p>Thanks so much, guys! I don’t think I’ll have $6000 at filing, so I guess can rest easy for now. :)</p>