Will co-op money affect financial aid?

Paying for College
1

<p>I'm thinking about attending a school with a big co-op program and a few questions came up. </p>

<ol>
<li><p>Since I will be making an income while on co-op, will I have to report this when I fill out my Fafsa each year, and will this play a role on my EFC and how much financial aid I get from the government? </p></li>
<li><p>If I make say $15,000 from co-op, how much would I actually get to keep after taxes? </p></li>
<li><p>Can I use my the grant money from my financial aid to pay for the housing while I am on co-op?</p></li>
</ol>

2

<p>Bump bump bump</p>

<p>Sent from my ADR6300 using CC</p>

3

<p>

Yes you do

No See <a href=“https://faaaccess.ed.gov/fotw1213/help/faadef46.htm[/url]”>https://faaaccess.ed.gov/fotw1213/help/faadef46.htm&lt;/a&gt;

I don’t know. It depends. Need more information.

I don’t know. It depends. Need more information.

Yes you could pay your housing with your grant money. However, that means grant money will be taxable. See Pub 970 [Publication</a> 970 (2012), Tax Benefits for Education](<a href=“http://www.irs.gov/publications/p970/]Publication”>http://www.irs.gov/publications/p970/)</p>

<p>

Please give us some time to response.</p>

4

<p>^haha thank you! so what exactly are the factors that will dtermine how much tax I pay from my income?^</p>

<p>Sent from my ADR6300 using CC</p>

5

<p>

There’re many factors to determine your tax. See [Publication</a> 17, Your Federal Income Tax](<a href=“http://www.irs.gov/uac/Publication-17,-Your-Federal-Income-Tax-1]Publication”>http://www.irs.gov/uac/Publication-17,-Your-Federal-Income-Tax-1). For starter:</p>

<p>If you’re a dependent student <a href=“can’t%20claim%20an%20exemption%20for%20yourself”>b</a>**, mostly:
Your gross income - standard deduction = taxable income. Use tax table of correct year to find you tax.</p>

<p>See Needingtaxhelp’s post in <a href=“http://talk.collegeconfidential.com/financial-aid-scholarships/1488303-where-does-scholarship-income-go-childs-return.html[/url]”>http://talk.collegeconfidential.com/financial-aid-scholarships/1488303-where-does-scholarship-income-go-childs-return.html&lt;/a&gt;. Also, <a href=“http://www.irs.gov/pub/irs-pdf/i1040tt.pdf[/url]”>http://www.irs.gov/pub/irs-pdf/i1040tt.pdf&lt;/a&gt;.&lt;/p&gt;

<p>If you’re independent student <a href=“can%20claim%20an%20exemption%20for%20yourself”>b</a>**, mostly:
Your gross income - exemption -standard deduction = taxable income. Use tax table of correct year to find you tax.</p>

<p>See [In</a> 2012, Many Tax Benefits Increase Due to Inflation Adjustments](<a href=“http://www.irs.gov/uac/In-2012,-Many-Tax-Benefits-Increase-Due-to-Inflation-Adjustments]In”>http://www.irs.gov/uac/In-2012,-Many-Tax-Benefits-Increase-Due-to-Inflation-Adjustments)</p>

6

<p>Also, I am assuming that you’re US Citizen or Resident Alien, not an international student.</p>