Please help, Financial Aid Question about FAFSA & Working while Receiving Grant Money for College?

Question

Hi, im a freshman just starting community college, and i receive the full 4,000 dollars from FAFSA (Pell Grant) for the full year
Fall('06) - Spring('07)
I never had a job when i applied for the Fafsa, so my income was zero, my parents dont make that much either, and im a dependent so thats why i got the full benefits, my question is...in the summer of 06, i got a job, and am still workin that job currently,
i make about 500 a month (workin @ target),
How will having a job effect how much grant money i will receive next year? Will i receive less? if you can be exact with the amount or just a rough estimate & should i continue to work? or just quit my job, and focus on school, and is it stupid to file for an income tax return, if im considered a dependent? if i do continue to work, will i still receive grant money and how much?

Thanks to everyone in advance, this is really important to me

Answer 1

you have just describe my situation, i am too wondering that. im also thinking of quitting my job since i work at a fast foods and obviously im not able to save enough for school and it might affect my financial aid. i think they will give u less money but u should still be receiving some help, however 500 doesnt make that much of a diff. and since ur parents dont make that much maybe u are still eligible for the full amount (4,000) i got the pell grant too but i think it was less than 4,000.

u should file incometax return, everybody has too. but since u r still a dependent u have to file with your parents, in other words do ur income return 2gether.

since im not sure how much money i will receive from FAFSA i am also applying for scholarships, just to have a back up. you should too, go to www.fastweb.com make an account and you should see a list of scholarships that u can apply for.

Answer 2

you should be aware that the formulas that tell you your efc do change. So, it will be hard to determine will you get the same amount of money in pell or more or less. Also, you parent income maybe be higher at the end of year compared to last year which will have more of an impact in your financial aid. You need to remember there are alot of variables that dicate your financial aid.

therefore, you could quit your job and live off your parents or work and save your money. The choice is yours. But, your parents' income will be the determining factor as well.

Answer 3

You will have to file your income taxes, regardless of your FAFSA status. As far as affecting your FAFSA information, it will all depend on how much money you make through the end of the year. It will not affect this year's FAFSA, but it could impact your 07-08 award. No one on this Yahoo! Answers can give you even a rough estimate on how much it will affect your financial aid awards.

Answer 4

If you're a dependent and are making $500 a month, you are required to file a federal income tax return. You might or might not owe any taxes though, but as a dependent you're required to file. If you were not a dependent, at $500 a month you would not be required to file.

You can use the 1040-EZ form - it's something you can do yourself, just follow the instructions. Your return is just for you, not with your parents as someone else said.

Good luck.

Answer 5

If you make less than $3000 a year, you're tax exempt, so you don't have to file. You shouldn't even be paying federal and state taxes, you should put "exempt" on your W9. Talk to your Human Resources director at your Target store.

FAFSA will expect you to contribute 30% of your earnings toward your education, so you might lose some of your financial aid if you make enough to push you over the cap of the income guidelines.

You need to talk to your financial aid office to get clarification on your specifics. They should be able to help you.

Good luck!!!