<p>So I'm offered work study at my school and I know the money will come in handy to pay off loans and whatnot. Is there any downside to it? Work study is considered income right? Will I owe the school more money in the future?</p>
<p>Income based earnings such as work study are subtracted out in the fafsa formula. Likewise, if you can identify any portion of savings that came from income based earnings, that amount can be excluded from assets on fafsa. I doubt it would hurt you at profile schools. Studies have shown that students who work 10-12 hours per week tend to do better in school than those who don’t work. That may not be causal, it could be that those who choose to work are more motivated to begin with to do well in school. On the other hand, some think working forces students to be better at time management. Some would advise not to work 1st semester freshman year to get acclimated and see how the studies are going but many students do so successfully. How it goes is almost all up to you.</p>
<p>What do you mean subtracted? Will FASFA look past the amount of $ I earned from work study because it’s need-based and offered by the school? Will they just look at everything else besides that?</p>
<p>When you apply for financial aid in subsequent years, your work study earnings will not be counted in the FAFSA financial aid equation for need based aid.</p>
<p>Your WS income IS still income for tax purposes, if you earn enough to be required to file taxes.</p>
<p>Take the work study opportunity. Check your school ASAP for work study jobs. Some schools actually list them prior to the start of school so that you can apply.</p>
<p>That WS money can be used for books, personal expenses, or really for any purpose you choose.</p>
<p>It is good to have a part time job, and good to get that experience.</p>
<p>Fafsa question 44c(for 2014-15) is where you would enter any amounts earned from work study.</p>
<p><a href=“https://fafsa.ed.gov/fotw1415/help/fotw28c.htm”>https://fafsa.ed.gov/fotw1415/help/fotw28c.htm</a></p>
<p>Then that amount is not counted toward your EFC.</p>
<p>For most students, it’s not an issue since students can make about $6K a year before any of it is counted towards the next years EFC (1/2 over that amount goes directly to EFC). But it can happen. Say you make $3-4K over the school year and the same over the summer. That some of it is work study can help keep that amount from being conted towards EFC. Also, if you use your other money first and make sure that any money sitting in your account is from your work study job, that isn;t counted towards your EFC. Otherwise 20% is, based on FAFSA rules. </p>
<p>Some work study jobs are in locations that make it possible to study while your working (others won’t be), I know the students who sign guests in and out of dorms at my school always have school stuff with them. The students I know that work in some office stop working prior to finals, however this will not apply to all work study positions. </p>
<p>Studies have shown that students with work study have higher grades than those who don’t. It may be because the concentrate more since they need to keep the job and the grades up. Take it for what it’s worth.</p>