Work study question...

[USAF_Dentman]

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I am confused about work study earnings and how they affect FAFSA. So last year i made a little over 3,000 in workstudy. I thought that workstudy doesnt count against as income on the next FAFSA? Because the previous year i made about the same but it wasnt work study and now my EFC is about the same..Whats going on?

 

[OSUdoc08]

I am confused about work study earnings and how they affect FAFSA. So last year i made a little over 3,000 in workstudy. I thought that workstudy doesnt count against as income on the next FAFSA? Because the previous year i made about the same but it wasnt work study and now my EFC is about the same..Whats going on?

Workstudy is included in the maximum aid you can recieve. This means that if you earn 3000 in workstudy, then you are eligible for 3000 LESS in loans.

 

[Skaterbabe74]

Work study is counted in income on FASFA. Anything you pay income tax on, and some things that you don't, are counted as income by FASFA. The only advantage to work study over a normal job (besides having to take out fewer loans) is that you pay less taxes on work study income (no social security or medicare).

 

[USAF_Dentman]

Work study is counted in income on FASFA. Anything you pay income tax on, and some things that you don't, are counted as income by FASFA. The only advantage to work study over a normal job (besides having to take out fewer loans) is that you pay less taxes on work study income (no social security or medicare).

So that is the only advantage?!!?

Seems better to just take the loans, as you are not guaranteed to have a job with the work-study...

 

[USAF_Dentman]

Workstudy is included in the maximum aid you can recieve. This means that if you earn 3000 in workstudy, then you are eligible for 3000 LESS in loans.

So this year i will be eligible for 3000 less in loans? or do you mean for the same year it was granted? Well, i guess i mean will it count against me this year for last years workstudy money or will it be just like regular income?

 

[Skaterbabe74]

So that is the only advantage?!!?

Seems better to just take the loans, as you are not guaranteed to have a job with the work-study...

I suppose that's a personal choice. If you don't get a work study job you can always go back to financial aid and get them to review your file and increase your loans instead. I always liked a work study job, because they are easier to find around my school than regular jobs with the flexibility and semi-decent wages, and since I live on campus I didn't have to deal with taking the bus or getting a car just to go to a job. And work study also meant not having to take out as many loans which makes the possibility of loans last longer (I'm a nontrad so I'm starting to get close to the max for ugrad).

Workstudy income counts just like regular income. If you make 3K in regular income one year it goes against the following years total aid package. If you make 3K in workstudy income one year it goes against the following years total aid package. But neither of these really affects the total amount of loans you are eligible for since you can typically borrow the amount of your EFC regardless.

 

[USAF_Dentman]

I suppose that's a personal choice. If you don't get a work study job you can always go back to financial aid and get them to review your file and increase your loans instead. I always liked a work study job, because they are easier to find around my school than regular jobs with the flexibility and semi-decent wages, and since I live on campus I didn't have to deal with taking the bus or getting a car just to go to a job. And work study also meant not having to take out as many loans which makes the possibility of loans last longer (I'm a nontrad so I'm starting to get close to the max for ugrad).

Workstudy income counts just like regular income. If you make 3K in regular income one year it goes against the following years total aid package. If you make 3K in workstudy income one year it goes against the following years total aid package. But neither of these really affects the total amount of loans you are eligible for since you can typically borrow the amount of your EFC regardless.

Yeah, well on our campus, just about all the jobs are available to non-workstudy students as well so i guess it could save me a few hundred dollars in SS. But i would have a job anyways, so either way.

But thanks for the info.