Student Income

Paying for College
1

<p>I've been wanted to get a job over the summer, but I am hesitant because I don't know if a student's income is added to the family income when I apply for financial aid. So if anyone knows i would appreciate the help</p>

2

<p>Student income is protected to a certain extent each year; I believe for this year it’s something along the lines of $5250. Any student income above that number ($5250) is assessed for EFC purposes.</p>

3

<p>So if i make under that amount then my income wont be counted towards EFC?</p>

4

<p>I assume you mean for FAFSA so that’s what this answer addresses - students have an income protection allowance of $4500 (for 10/11) in addition to allowances for taxes. Above that threshold, student income is added to the EFC at a rate of 50%. There is also an assessment of student assets (savings/checking, etc.) that are held on the date that FAFSA is filed. In almost every case, however, it’s better if the student is working and saving since most schools require a higher “contribution” than FAFSA calculates.</p>

<p><a href=“http://ifap.ed.gov/efcformulaguide/attachments/111609EFCFormulaGuide20102011.pdf[/url]”>http://ifap.ed.gov/efcformulaguide/attachments/111609EFCFormulaGuide20102011.pdf&lt;/a&gt;&lt;/p&gt;

5

<p>Btw, do you know what your estimated EFC is? I’m guessing you’re a junior…if so, get an estimated EFC as the FAFSA calculation is primarily used to determine your eligibility for federal and state grants and the cutoffs are generally pretty low. If your family is solidly middle class, I wouldn’t worry too much about the possibility of that kind of aid as federal grants are pretty much limited to lower income students.</p>