<p>It just hit me that working could affect my financial aid just now. Can someone clear up some of my concerns regarding work and financial aid?</p>
<p>1.) Based from what I have read, work-study doesn't count as income, thus it does not affect FA. This is true, correct?</p>
<p>2.) How much non-work-study income could you earn before it affects your FA? I will probably earn around $5.5k of non-work-study income by the end of this summer. </p>
<p>Thanks!</p>
<p>BUMP (10 chars).</p>
<p>Off the top of my head, I’d say 5.5k is too little to make a real dent in your financial aid. You are right in that work-study does not affect FAFSA (and only FAFSA) calculations. It is still subject to state and federal taxes, although you’ll probably get most/all of it refunded anyways.</p>
<p>Anyhow, there are two calculators you can try </p>
<p>[Financial</a> Aid Estimator - UC Berkeley Financial Aid and Scholarships Office](<a href=“http://calculator.berkeley.edu/]Financial”>http://calculator.berkeley.edu/)</p>
<p>[FinAid</a>! Financial Aid, College Scholarships and Student Loans](<a href=“Your Guide for College Financial Aid - Finaid”>http://www.finaid.org/)</p>
<p>Also, try the 1040EZ tax return form to help get you started in figuring out the numbers - </p>
<p><a href=“http://www.irs.gov/pub/irs-pdf/f1040ez.pdf[/url]”>http://www.irs.gov/pub/irs-pdf/f1040ez.pdf</a></p>
<p>For the 2013-2014 school year, the protected income amount is $6130 for dependent students. If you earn above that amount, your EFC will increase about 50 cents for every dollar earned above the exclusion amount.</p>