Student Income vs. Financial Aid

Paying for College
1

<p>Hey all..</p>

<p>I was wondering what effect a student's personal income would have on financial aid/EFC. Does it play a major part? Is some portion of it expected to be contributed for schooling? Does it play any part at all? I'm curious b/c so far I have not had to file taxes since I did not earn any taxable income and I may have an opportunity to earn some taxable income this time around. Hypothetically, let's say I have $5,000 that would classify as taxable income and my EFC for last school year was 1350......how would things work out?.....thanks in advance :)</p>

2

<p>Yes it does play a part and you are expected to contribute part of it. Under FAFSA there is a student income protection of $3000 (actually a little higher with taxes etc - @ $3200). Over that 50% is expected to go to the EFC. So for your theoretical figure of $5000, $3200 will be protected income leaving $1800 of which $900 will be added to the EFC. Those are approximate figures as taxes etc are deducted. But even if 900 is added to the EFC you are still $4000 better off than you would be without earning the money.</p>

3

<p>thanks for the info :)</p>