<p>Alright, so I'm a senior this year, and will hopefully attend georgetown next year, assuming I get the financial aid. I really want to go there. Here's my question though. If I work this summer will I be expected to contribute nearly all my income towards school? What's the point of working then, if I could just get more aid for not doing anything and being lazy? I know what I make this summer will only affect next year's financial aid statement, but I want to know if I can work without it penalizing my financial aid statement. I want work to help pay for my tuition and for spending money, not just for tuition. Ty in advance.</p>
<p>Students have income protection of around $3000 under FAFSA. After that 50% of income is contributed to EFC. Not sure with profile schools but have heard that most private schools expect the student to contribute a certain amount from summer earnings. Whether you actually have the earnings is not necesssarily the point - they will expect the money from you anyway.</p>
<p>Oh okay. So, if I make $2800, it won't necessarily raise my FAFSA? So, if I understand this right, schools and FAFSA already expect a student to make about $3,000/yr to contribute towards their eductation, and that money is included in the EFC?</p>
<p>Ya thats why you work on the left :P</p>
<p>I am in virtually the same situation. Still waiting for the Georgetown FA packet though...</p>
<p>'So, if I understand this right, schools and FAFSA already expect a student to make about $3,000/yr to contribute towards their eductation, and that money is included in the EFC?'</p>
<p>Not quite. That's about right for most Profile Schools-- they've included $1550 in the EFC that's a Freshman's contribution from work, so if you earn less than $3357 (pre-tax dollars), you won't increase your EFC at all. Above that, each dollar earned will increase the EFC by 50 cents (and lower aid by the same amount), and if the earnings remain in checking/savings when the next aid application is filled out, it will increase the EFC even further.</p>
<p>Upperclassmen under Profile can earn up to $4656 (pre-tax) before increasing their EFC, since Profile assigns a student contribution of $2150 to the EFC.</p>
<p>FAFSA is a bit simpler. Students have an income protection allowance of $3K (after tax), and no minimum student contribution to the EFC. So students can earn up to $3249 (pre-tax) before anything gets added to the EFC from student work. Above that, half of anything earned will go to increase EFC and reduce aid by a similar amount.</p>
<p>anyone know how work study gets factored in because i was offered 4k in work study next year which is my first year?</p>
<p>Work study income doesn't get counted in as income in either FAFSA or Profile.</p>