Gap Year Job

[MedPR]

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So I understand that I need to do a FAFSA to get Staffords/Grad Plus in the Fall. However, I am currently employed and obviously will not keep my job once school starts. I know that my current income will reduce my borrowing power, but is there anyway around this? Is there a way to tell them that I will not be working during the period when I am taking the loans?

What do people do in this situation?

 

[RangerBob]

So I understand that I need to do a FAFSA to get Staffords/Grad Plus in the Fall. However, I am currently employed and obviously will not keep my job once school starts. I know that my current income will reduce my borrowing power, but is there anyway around this? Is there a way to tell them that I will not be working during the period when I am taking the loans?

What do people do in this situation?

I worked full-time during my gap year, and I worked part time (~32hrs/week) the year before that (meaning I had a full year's worth of income to report, whereas if you started working this summer, you'll only have half a year's worth of salary to report to the IRS--the FAFSA will ask about your AGI for the previous fiscal year--which if you didn't work the entire year, will not be the same as your yearly salary). My expected contribution was $0 and I was eligible to take out loans for the full cost of attendance at a private school.

Unless things have changed, or perhaps if you make a ton of money at your job, I'd imagine you shouldn't have any difficulty either. Keep in mind you're considered independent as as a graduate-level student.

 

[MedPR]

I worked full-time during my gap year, and I worked part time (~32hrs/week) the year before that (meaning I had a full year's worth of income to report, whereas if you started working this summer, you'll only have half a year's worth of salary to report to the IRS--the FAFSA will ask about your AGI for the previous fiscal year--which if you didn't work the entire year, will not be the same as your yearly salary). My expected contribution was $0 and I was eligible to take out loans for the full cost of attendance at a private school.

Unless things have changed, or perhaps if you make a ton of money at your job, I'd imagine you shouldn't have any difficulty either. Keep in mind you're considered independent as as a graduate-level student.

I make about $25k/yr. Think I make too much?

 

[RangerBob]

I make about $25k/yr. Think I make too much?

I don't think so--I was making a bit more than that in my gap year and things worked out ok for me. But you can always call the phone number on the FAFSA website (or e-mail them) and ask to make sure, and make sure nothing has changed.

-Brent

 

[MedPR]

I don't think so--I was making a bit more than that in my gap year and things worked out ok for me. But you can always call the phone number on the FAFSA website (or e-mail them) and ask to make sure, and make sure nothing has changed.

-Brent

Great, thanks so much!