<p>Hi All,
I will be on my co-op job for about 8 month(regular term of 6 months, but decided to work through the summer) and I should be earning around $15,000. I've read a few times on these forums that if my parents make less than $30,000 combined, then my income is ignored. Is this valid? Any help is grealy appreciated!</p>
<p>If you qualify for the simplified needs test…your income is not used. This would require AGI income from parents of less than $30,000 (or is it under $50K…I always get the auto zero EFC income and the simplified needs income mixed up)… AND either filing a 1040A or 1040EZ tax form OR your family being eligible for some needs tested benefit (e.g. Food stamps, free/reduced lunch). </p>
<p>The low income alone would not qualify them for the simplified needs test…they need that and one of the other qualifying items.</p>
<p>For the past 3 years, my EFC has been $0 and my parents have been filing the 1040A and have been receiving food stamps. I’m concerned of this spike of income that I am causing. It is also possible that if times are rough enough for my parents, I might even eclipse them in earnings combined. Any thoughts on that situation? Thank you for the reply.</p>
<p>Someone else will have to pipe in…for FAFSA purposes, I believe that if your parents have a low enough income and still qualify for food stamps, YOUR income will not be counted.</p>
<p>BUT if your school uses the CSS Profile to award need based aid, they might consider your income in the financial aid formula as the Profile schools do not need to adhere to the FAFSA rules. The FAFSA will continue to qualify you for any federally funded aid based on your FAFSA EFC but this will not necessarily guarantee you institutional aid.</p>
<p>Are you planning to save some of that income to help cover your college costs? If so…that will solve the problem.</p>
<p>My biggest priority is to get my college funds settled and so if I’m going to have to use up my earning to clear up any college debt, I going to have to. Anything else I’ll try to help out my parents. Since this is the first of three co-opjobs, I’m going to pretty much save up until I know how my earnings will affect my financial aid for the 2012-13 school year. Thanks for the replies.</p>