Does part time job affects my FAFSA? ?
Hi. Just wondering if I were to get a part time job that pays $1000/month and $12000/year. Does that affects my financial aid and Calgrant? Response would be appreciated! Thank you!
- nancyLv 71 year agoFavorite Answer
Assuming you are a dependent student, the first $6000 of your earned income is not included in the calculation of the EFC (the number that determines eligibility for grant aid). After that, only 50% is included. So if you earn $12,000, only $3000 of it will count. However, it would not affect you for another two years because the FAFSA uses income from 2 years prior. Whether it will have any effect on your aid depends on the other information on your FAFSA, such as your parents' income. If you already have an EFC that is too high for grant aid, then adding $3000 won't change that. If you have a low EFC and are already Pell eligible, then yes, it could reduce your eligibility for grant aid. However, even if it does, you'll still do better by working than not. For example, if you had a 0 EFC and were eligible for a full Pell grant, the most you could receive would be $6195 for the year. If you worked and earned $6000, you would have your full grant, plus your wages for a total of $12195. If you work and earn $12,000 your grant is going to be reduced to about $3195, but you'll also have $12,000 in wages for a total of $15195. Which would you rather have: $6195 or $15,195? And remember--this won't affect you for another 2 years, so you get to have the full grant AND all your wages for now. And the benefits don't stop there. If you use your earnings to pay for college directly instead of taking an interest bearing loan, you will save about $3000 in interest. And if you do that for 4 years, you'll save even more. Also, you'll be gaining job experience that can help you to compete for a higher paying job later on. So, don't be afraid to take all the hours you can!
- 1 year ago
Yes Of Course, Not Immediately but it sure will.
As it turns out, a part-time job – or the earnings from a part-time job – can impact financial aid. When the FAFSA is filed, it not only takes into account parental finances and contributions but a student's as well. When a student includes their income on the FAFSA, it makes them appear less in need of financial aid.
For complete info visit the FAFSA official website or College Administration OfficeSource(s): https://www.fastweb.com/student-news/articles/how-... & https://globaltree.in/services/abroad-education/
- LaurieLv 71 year ago
This year’s income will be reported on the NEXT FAFSA you submit. So, it will not affect your currnt financial aid.
- 1 year ago
FInd out if your part-time job could impact your financial aid package. ... What to consider before you accept a part-time job offer. ... When the FAFSA is filed, it not only takes into account parental finances ... CNBC reports that for the 2018 – 19 school year, the amount of income a student can earn without ...
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- GypsyfishLv 71 year ago
FAFSA is just a form. Can a part-time job affect your financial aid? Yes- but not that much. It's the financial aid people at your college that you need to ask. They make the determination of how much aid you get.