Making money during school and its effect on Fin Aid

[azumzz]

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Hey everyone,

I will be working while in med school, and I expect to make about 5k a year so I can contribute to a Roth IRA. Many of you will think this is unwise because of how little time I will have as a student but I ask that we leave those comments for a different thread. For this thread, I am curious if any of you know if this amount money is big enough to change my Fin Aid package,

Thanks

 

[ACSurgeon]

Hey everyone,

I will be working while in med school, and I expect to make about 5k a year so I can contribute to a Roth IRA. Many of you will think this is unwise because of how little time I will have as a student but I ask that we leave those comments for a different thread. For this thread, I am curious if any of you know if this amount money is big enough to change my Fin Aid package,

Thanks

Probably won't make a difference. If you're already accepted, ask your [future] financial aid adviser.

 

[Jabbed]

In all likelihood, your school will make you sign some sort of documentation in which you promise to not engage in outside employment.

 

[azumzz]

In all likelihood, your school will make you sign some sort of documentation in which you promise to not engage in outside employment.

That would be most unfortunate. With only residency years to contribute, that doesn't give us much of chance to create a tax-free investment nest egg.

 

[Petypet]

In all likelihood, your school will make you sign some sort of documentation in which you promise to not engage in outside employment.

Completely untrue. Heck, my school hires students. I have heard, n = 2 of schools not letting you work for the University, but they have no barring on what you do outside of your program. Most students won't make more than a few grand which will not impact financial aid at all.

 

[redpanda]

In all likelihood, your school will make you sign some sort of documentation in which you promise to not engage in outside employment.

Since when have you been required to do this?

 

[Jabbed]

Completely untrue. Heck, my school hires students. I have heard, n = 2 of schools not letting you work for the University, but they have no barring on what you do outside of your program. Most students won't make more than a few grand which will not impact financial aid at all.

Yes, if your school hires students then the students are not seeking outside employment.

 

[Jabbed]

Since when have you been required to do this?

My school made us sign a contract to this effect during orientation, and I have friends that signed something similar at other schools. I actually work part-time on the side though, and I can't imagine any way for my school to find out about that short of them pulling my tax records or me running into a dean at my place of employment.

 

[Petypet]

Yes, if your school hires students then the students are not seeking outside employment.

Just because some schools do this, doesn't preclude other students from seeking outside employment. I made about $5000 per year doing stuff on the side from a previous life.

 

[DrEnderW]

I make over $5k on the side and it's never come up in any capacity. It's clearly not full employment and I don't see how it would be made into an issue if it was even somehow relayed to the financial aid office. Tons of meds schools do this through tutoring, board review companies, and skills from previous jobs.

 

[Amba]

I make $7K per week working from home.

 

[Jabbed]

I make $7K per week working from home.

Most med students wouldn't be comfortable dealing drugs out of their homes though.

 

[Amba]

Most med students wouldn't be comfortable dealing drugs out of their homes though.

(it was an allusion to the fact that if you read an online article, almost every comments section will have someone spamming and saying they make $7K/week from their home.....but that joke is ruined now)

 

[TeddyMeddy]

.

 

[sazerac]

Your medical school financial aid package from the federal government is not in any way tied to how much money you have, how much money you make, how much money your parents have, nor how much money your parents make. You will be offered staffords to the max, and then grad plus loans so that your total loan amount equals the Cost of Attendance (COA) as published by the school itself.

Could the school itself have a policy of students not having jobs? Could income and/or assets affect a school scholarship? Perhaps, but it's highly unlikely.