Does anyone know if my present income will effect my financial aid package for next year. I am an elementary school teacher, so the money I make is really just enough to cover living expenses (i.e. I really have no savings). However, I am wondering if the fact that I have income from a full-time job (rather than being a student) will reduce my financial aid package. Obviously, I won't have the job next year, and the money that I am making now will not help me pay for med school (the extra that I had was used to cover the cost of med school applications). Also, my parent is currently a student, so she has no income from which to make a contribution to the cost of my education.