<p>A lot of the ivy league schools offer full rides to students with family incomes of less than a certain amount. For some of these schools, my family's income comes just under the certain amount.</p>
<p>I've made about $1000 this year with my part time job. Will this amount count towards my family income and disqualify me for the 'full ride'? If this is true, then I'm really wasting my time working.</p>
<p>I believe IVY league institutons expect a 2000.00 contribution from their students toward their tuition.</p>
<p>Yes, you have to report it on the FAFSA. You don't have to file taxes though. A student's income is weighted more on the FAFSA than a parents. I forget exactly how much. The formula is on their web site somewhere.</p>
<p>In a sense, you really are wasting your time working because it will count against you heavily when it comes to the EFC. So you either don't work, can't afford a little extra, and don't suffer when it comes to financial aid. Or you work, get the extra stuff, and suffer when your financial aid is calculated. The college "game" is vicious.</p>
<p>I held a full time job for a few months one year in college and it sent my EFC through the roof. I always made sure I didn't make more than $5000 a year after that. I was REALLY broke though, but got those grants.</p>
<p>For 2008-2009 FAFSA approximately the first $3200 of student income is protected income and will have no effect at all on your FAFSA EFC. After that $3200 (plus a little allowance for FICA taxes) 50% of student earnings got to the EFC. SO for FAFSA earnings of $1000 will not cause your EFC to increase at all. I do not know about CSS/profile. I think student income is assessed separately from parent income but would not swear to this.</p>
<p>As far as tax returns - if any taxes are deducted you should do one in order to get your tax refunded to you. Once you are in school if you are awarded work study as part of your financial aid package that is taxable but does not affect your financial aid for the next year.</p>
<p>There you go...she cleared it up perfectly.</p>
<p>yeah im screwed because ill be making like 11k gross this year (im a senior in high school). what do i pay, 20% of that towards tuition? too bad i have $200 in my checking acct. lol</p>
<p>
[quote]
what do i pay, 20% of that towards tuition?
[/quote]
The EFC is increased by 50% of student earnings over the protected income allowance (@ $3200). The 20% is for student assets.</p>
<p>If parents income is low enough to qualify for automatic 0 EFC ($30k for 2009-2010) then student income and assets will not be taken into account.</p>
<p>If I work under the table, but only make like $400 a month in the summer, and about $150 in the spring/fall, but I still want to put that on my college app obviously? That won't come back to hurt me will it, and get me in trouble with the IRS, lol? </p>
<p>Sorry, a little OT.</p>
<p>Probably will...they are the government. If you are picked for verification, they might want W2s and all that stuff. So be careful...</p>
<p>ahh, crap...</p>
<p>I am a rising high school senior and i wanted to get a summer job that would only pay about $372 a month and i was told that this could mess with my financial aid. Is this true or does the job not pay enough to mess with that? Please help settle this dispute :)</p>
<p>No…you can earn up to about $5k per year and it won’t affect your EFC.</p>
<p>However, if you have all your earnings in savings when you file FAFSA next spring, that could affect EFC. </p>
<p>So, if you have things to pay for, do it.</p>
<p>@swimcatmom
My parents income fall under 30k but I believe Ill be making close to 10k this year will this affect my EFC and I was also wondering if this varies from state to state?</p>
<p>It’s best to start a new thread rather than revive an old one. The information on this thread is out of date. For instance, this FAFSA year (2012-2013) the cut off for the auto 0 EFC dropped to an AGI of $23,000 meaning a lot of people who qualified in the past no longer do.</p>
<p>If you do not qualify for the auto 0, either because of income or not meeting one of the other criteria, then 50% of student income over @ $6,000 (plus allowances for taxes and FICA) will go to the EFC. The income protection allowance does not vary by state, but the allowances against income vary a little by State</p>