<p>This year I had a very low EFC which only calculated the amount of money I had in my savings account becuase I did not have a job (my parents EFC was 0). I was wondering how much a student would have to make per year, for the EFC to start going up. I have a summer job and I know I've heard of a limit a student can make until it changes their EFC for the following year. I think its around 4,000$ but im not sure, and was wondering if anyone knew. I didnt make that much this summer, or even close, but I was thinking about getting a job during the school year (non-work study job) and wanted to know how much I could work until my EFC would change for the next year. Thanks.</p>
<p>Under FAFSA you can make $3000 before it affects your EFC. After that your EFC increases by 50% of every dollar you earn over the $3000 (actually works out at $3200 because of allowances for taxas and FICA). So if you earn $2000 over the protected income allowance your EFC would increase by 1000 - but you would still be $1000 better off than if you did not work.</p>
<p>Some colleges have a summer contribution as part of your financial aid package, so that $4,000 could go back to your university while you're in college.</p>
<p>I don't know, I tried the collegeboard's EFC calculator and my D's summer earning was included. Yes I put just $3000 to see the effect and the calculator calculates 1/3 of 40% of it toward EFC. I would check with the collegeboard's calculator first.</p>
<p>Toorich - it may be different for profile schools if that is the calculator you were using. For FAFSA there is definitely a student income protection of $3000. For estimating FAFSA EFC I have found the finaid calculator to be the most accurate and up to date.
<a href="http://www.finaid.org/calculators/finaidestimate.phtml%5B/url%5D">http://www.finaid.org/calculators/finaidestimate.phtml</a></p>
<p>I think I used the combined method.</p>
<p>thanks for the info...i thought it was $3000 but I wasnt sure. </p>
<p>I guess Ill stop working after I hit around the $3000 mark since some of my financial aid package is grants...and grants are always the first to go when EFC changes... i would pretty much be working for half of my hourly wage, for each hour I work if I went past $3000...as a future finance major, that just doesnt seems like a smart idea on my part....(since it would probalby be a on campus job working around minimum wage...it would be kind of like working for 3/hr....no thank you...lol)</p>
<p>As your EFC is so low do you not have work study as part of your aid package? If you can get work study (in place of loans perhaps) then that does not affect your EFC. Just a thought.</p>