<p>Is there any real advantage of taking a work-study job for $7 or 8/hr if a job in the local community offers more? Is it an obligation if work study offered as part of the financial aid package?</p>
<p>The main advantage is that WS earnings will not affect your EFC. On FAFSA you will show it as income but then it is deducted on one of the schedules. Regular earnings may increase your EFC the following year (50% of student income over $3,000 goes to the student EFC) therefore reducing your financial aid. Plus WS jobs may be more likely to work with your school schedule and there may be intangible benefits - contacts within the school etc.</p>
<p>You are not obligated to accept WS jobs, but the college won't give you money to difference if you turn it down.</p>
<p>Actually Northstarmom, most colleges will allow you to convert it to a federal loan (if you still have enough loan eligibility left). They just won't give you gift money to replace the self-help money.</p>