I didn’t know if I could get a job this summer, but now I might have a possibility of earning $3,500 over the summer. Do I need to report it to the financial aid office and will it affect my award?
Mom is thinking I should take the summer off before going to college.
You’ll file a tax form at the end of the year, and then use the 2016 taxes when you fill in the FAFSA in late 2017, for the 2018-19 school year. Take the job. The experience will be good and you’ll be happy to have some money in your pocket come September.
Okay cool, so it won’t affect this coming year’s aid?
No, two years from now and maybe not even then. It will all depend on how much you make, how much your parents make, how many assets you have. You’re good for now.
In the 2016-17 EFC formula there was at least a $6,400 income protection amount for student income before it would affect EFC.
But like @twoinanddone said if parent income and other requirements would qualify you for auto zero EFC, student income would not be considered.
I didn’t know there was $6,400 income protection for students. Is that true for CSS too? It’s a private school.
CSS/Profile is not one-size-fits-all; different Profile schools use different formulas to determine financial aid.
Will this year’s income be reported on the CSS or the following year like FAFSA?
I would rather be as self sufficient as I could and work for as much as I can, even if it results in a small reduction in aid. Job experience, even a minimum wage job unrelated to your field, looks good on a resume and gives you valuable life skills.
I believe CSS is also going to a ‘prior prior’ year income reporting. It’s new to everyone so no one knows exactly how things will change for 2017 and beyond. As beth’s mom said, working is itself a reward of money and experience.
Yep, decided to take the job. 
I was just wondering how it might affect next year. Thank you everyone.