I've asked this question before but need some more help. If i take a part time job which pays $10 per hour and I'm a junior in high school, will the money i make effect the amount of money FAFSA gives to me? How much would it affect me. lets say my family have a low income and i think i get paid better than them. What is the maximum amount FAFSA will pay for your education? I heard that this student was given ~$15K for college, is this even possible?
Anyone know where i can find the answer from a actual FAFSA worker?
2007-01-16 16:56:02 · 7 answers · asked by mr man 2 in Education & Reference ➔ Financial Aid
FAFSA not only considers your money but also your parents. You have to be very poor to get subsidized loans (Stafford) let alone free grant money. I have a family member who only makes $30,000 per year and has a wife and two kids. He pays 60% of his medical premiums, too. His student received only a subsidized Stafford Loan of $2300 for the first year of college.
My son only received an unsubsidized Stafford Loan, which means interest accrues while he is in college, even though our medical premiums and bills are over $20,000 per year.
A subsidized Stafford loan has to be paid back in full after graduation. However, the interest does not accrue while the student is in college.
Yes, the money you earn may effect the financial aid you qualify for.
Unfortunately, I find the FAFSA form very discriminatory against people who save any amount of money. They do not consider extreme circumstances like large medical expenses.
You can go to their website and plug in the numbers to see how your income might effect your aid.
2007-01-16 17:16:10 · answer #1 · answered by ne11 5 · 0⤊ 0⤋
That is an impossible question to answer because so many factors go into completing the FAFSA like how many hours you will work, what state you live in, what federal taxes you will pay if any, total income for your parents, what state they are in and taxes they paid, if they receive tax credits, how many people are in your household and of those who are in college. There is no protected income cap for students so your funds will be expected to go toward your education unless your parents make such a little amount of income you are determined to have an automatic 0 EFC and no extra income is expected. The advise I can give you is do you need the money?? If you need it then work if you don't then don't work. If you work and don't feel you get enough financial aid when you start college speak to your financial aid counselor and see if they can make professional adjustments to your FAFSA. As far was receivng 15K for college the maximum Pell is just over 4000 with at most the same amount from SEOG, ACG is about 1400 for the year for freshman and sophomores and juniors and seniors in the correct degree programs might qualify for 5000 in SMART grant, States also give out grants based on FAFSA information so yeah it might be possible to get 15K from just the FAFSA depending on the state you live in but I would not count on it.
2007-01-17 03:34:50 · answer #2 · answered by appylover 4 · 0⤊ 0⤋
The best way to understand how it affects your FAFSA is if you were able to claim exempt on your federal and state tax return based on your low income or made a total of $10,000 or less and your parent's combined income is less that poverty rate for your state you could qualify for full grants and aid through FASFA and your school. However, your school will not give you more than what would cover the cost of books, fees, tuition and maybe on-campus housing. However there are limits to how much they will give based on the tuition of the college and the grade you are in. A freshman will receive about 1/2 of what a senior may receive. This is especially true for students that have federal loans. Definitely fill out the FASFA and your school will contact you on what aid/loans are available to you.
2007-01-17 04:01:56 · answer #3 · answered by Lori D 2 · 0⤊ 0⤋
making money shouldnt effect your aid. especially if its part time, which you can let them kknow is to pay for gas and supplies for school. the only way that it would effect it is if you were to make like 20,000 a year. Make sure you go FULL time for school and you will get more money than what you would get for PART obviously, but you will also get more back for yourself to spend. It all depends on the school ur going to and how much it costs as well. I go to a community college, and it is cheaper than a university, so I get $1500 federal pell grant and $1750 stafford loan each semester. Whatever I don't spend for the semester. They give me a check and I can cash it and not pay until after I graduate... THIS HELPS OUT VERY MUCH as well with working part time.
If your family makes a low income, you will def. get good aid, and the money you make wont affect your aid at. Get the job and enjoy school while having some extra cash in pocket.
Hope this helps somewhat.
2007-01-16 17:09:54 · answer #4 · answered by psxfff123 3 · 0⤊ 1⤋
Once you receive your bachelor's degree, you are no longer eligible for any kind of free federal or state grants like the PELL grant. It's student loans and scholarships all the way after that. You are very lucky that you got federal Subsidized loans (the government pays the interest on them while you are in school) and they do not with the standard Unsubsidized loans. Most people don't qualify for the Subsidized loans like you did. In order to get Subsidized loans (this is form of need based aid) you would of have to have a transcript turned into your college. I don't think you can do anything about you not following up with your school to find out if an official transcript was turned in. Use it as a learning experience and when you start applying to MBA programs and applying for fin aid for that, remember!!! When I was a college undergrad, all I was eligible for was the unsub loans and when I graduated with my degrees I had about 23K in loans. You are very lucky. A word of advice is to not drive yourself crazy with comparing your financial aid to someone elses... you'll be a much happier person in the end for that. I promise.
2016-03-29 01:08:04 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Your income as well as your parents income will be taken into account when determining your financial aid amount. You will just have to fill out an application at www.fafsa.com and they will customize an aid package for you. You will be eligible for pell grants that are about 2500 a year and they will have a loan package on there as well, but it all depends on your EFC-Expected Family Contribution. You should do a scholarship search as well...www.scholarship.com or www.finaid.com. Hope this helps.
2007-01-16 20:22:43 · answer #6 · answered by Sarah H 1 · 0⤊ 0⤋
depends on which school u go to, the government will determine your financial aid. your family income will play an important role in applying FAFSA. the more u earn, the less you will get $$ from the government. I know that you will still get financial aid if your family earn a lot, just depending the limites
email to the constumer serice or call them on the FAFSA web
2007-01-16 17:07:36 · answer #7 · answered by poppennysun 3 · 0⤊ 1⤋