Will working impact next years financial aid?

Colleges and Universities A-Z Boston College
1

<p>Im just wondering, since schools require you to file the FAFSA each year and submit your w-2 forms with it, will making alot of money working cause them to give you less aid? I feel like they would reduce your aid with the expectation that the money you made working goes towards college. For example, BC gave me 35k in aid this year, would earning 2,000 reduce it to 33,000 next year? So is my 25 hours a week over the summer going to waste? help plz</p>

2

<p>It will affect the financially aid package, probably minimally though.</p>

3

<p>I don’t think 2000 will affect it severely. I earned about 35000 last summer, but still got 42000 from BC. I think if you get more than 10000, that will affect you and it mostly depends on you parents income.</p>

4

<p>For FAFSA a dependent student has a certain amount of protected income before it affects the EFC. For 2009-2010 the amount is $3750 but in reality it is a little higher with allowances for FICA etc. Anything over the protected income allowance 50% goes to the EFC.</p>

<p>So earning $2000 would not ffect the FAFSA EFC. If you earned $5000 then you would have the $3750 protected income allowance plus perhaps around another $300 ish in allowances for FICA etc leaving $950 available. 50% of that would go to the EFC so your EFC would increase by 475 (plus or minus any increases/decreases caused by changes in your parents financial info). Also assets in your name on the date of filing FAFSA can affect it as 20% of student assets go to the EFC.</p>

<p>If your parents are very low income (below $30,000) *and *otherwise qualify for the automatic 0 EFC then your income would be disregarded by the EFC formula.</p>

<p>The amounts change a little every year so the allowance will likely be a little higher for the 2010-2011 FAFSA.</p>

5

<p>swimcatsmom: BC does not adhere to the FAFSA formula solely – they made it clear to me that my earnings over $2000 are up for grabs by them. They did not shelter $3750 as you suggest. I think they have their own institutional formula that overrides FAFSA to some extent.</p>