<p>What is the limit for a student's income before the school starts you less financial aid? I am currently working two jobs so I want to make sure I don't go over.</p>
<p>Is this considered using the student income from just wages or their AGI? Are their assets included into the calculation?</p>
<p>I am a dependent student, by the way.</p>
<p>the limit for when you do the fafsa in Jan 09 will be 3750 plus a small amt for taxes. This is the income protection (over this is assessed at 50% GROSS pay), assets are separate (and there is no asset protection. it is assessed at 20%.</p>
<p>[S</a>. 1762, the Higher Education Access Act of 2007](<a href=“http://dpc.senate.gov/dpc-new.cfm?doc_name=lb-110-1-113]S”>http://dpc.senate.gov/dpc-new.cfm?doc_name=lb-110-1-113)</p>
<p><<income protection allowance of undergrad student’s income in the following ways: 1) for dependent students, it would increase the amount of the income protection allowance to $3,750 for the 2009-2010 academic year; $4,500 for the 2010-2011 academic year; $5,250 for the 2011-2012 academic year; and $6,000 for the 2012-2013 academic year; </p>
<p>For independent (graduate) students, it would increase the amount of the income protection allowance to $11,220 for the 2009-2010 academic year; $12,460 for the 2010-2011 academic year; $13,710 for the 2011-2012 academic year (when you could potentially be a grad student); and $14,690 for the 2012-2013 academic year.</p>
<p>Wow that is a really big increase in protected income for independent students compared to this year.</p>
<p>On FAFSA, federal work-study income doesn’t count against you.</p>
<p>
It is the AGI. </p>
<p>As standrews said - WS income is not held against you - you have to include it in the AGI but then you include it on one of the worksheets and it is deducted from the AGI by the EFC formula.</p>
<p>Okay, that’s a relief to know it’s $3,750. 50% of my income over $3,750 is a LOT, wow. Thanks for the quick response!</p>