Go Ahead, Take a Summer Job

It is quite common among college students who are working over summer or during school year if their income would affect their eligibility for financial aid or scholarships. For most of the time, the answer is going to be “NO”.

Do what You Have to Do

The FAFSA or Free Application for Federal Student Aid is a form that universities and colleges use in determining the need for any financial aid of a student. In addition to that, it puts protection in place among student earnings. For school year 2018 to 2019, the amount that students can earn before it’s counted as an income is $6750.

And in order to generate more than that given amount, a student should work more than 17hrs per week for 52 weeks in a given year.

Well, this is assuming that they are making federal minimum wage of 7.25 dollars.

And even after that figure, the money earned may not create an effect on the student’s financial aid. This is as per MorraLee Keller, Director of Technical Assistance at National College Access Network. Apart from income allowance, there are also other rules that are put in place that are assisting students who are worrying about their income causing negative impact onto their financial aid.

There’s an Exception

The income from federal work study job isn’t counted in the yearly income on FAFSA. Also, it can help in balancing out earnings from off campus work. Apart from additional spending money, work-study job adds valuable experience and skills to the student’s resume. This is good news actually if they were working in fields related to oil and then tried to file an application to WOT Asia. Due to the reason that work-study jobs are available to students, they’re more flexible compared to jobs off campus.

Use Your Resources

If the students make some annual income from work-study work but aren’t certain that it is counted right on their FAFSA, then they must check with it with the office of financial aid of their university or college right away. FAFSA changed the years to which parents and students report to get financial aid. Today, rather than the prior year, they are using “prior, prior” year. In other words, for school year 2018 to 2019, the financial information that is to be reported will come from 2016.

A Deeper Look at Student Financial Aid Programs

Student Financial Aid is called by different names such as student aid or student financial support. This is basically an education program that is intended to financially support folks who are furthering education.

There are various forms of student financial aid including:

  • Grants
  • Scholarships
  • Student Loans and;
  • Work Study Programs

What’s the Difference of these Programs?

Each program has a common denominator. It is to provide financial support to students. Of course, let’s not forget that every option has their fair share of setbacks. Read on as we discussed deeper the financial aid program mentioned.

Number 1. Scholarships

This is a financial award that’s intended to provide assistance in covering the part or entire cost of education. As for the eligibility, it will be based as per the criteria that are established by the applicant. There’s no need to pay back scholarships. Most of it is being given to eligible students, no strings attached.

Depending on the school and the scholarship program they have, some requires the student to maintain a grade every semester, some requires student to take part in community service or at times, work for a certain employer or company after graduation.

Number 2. Grants

Financial aid grant is basically money that’s awarded to students to be able to pay for their educational expenses. Grants are given by any of the following entity:

  • Schools
  • State Government
  • Private Institutions
  • Federal Government

Much like scholarships, it doesn’t need to be paid back. Grant providers stipulate whether the grant must be used towards tuition, additional expense or research cost.

Number 3. Loans

Unlike the previously mentioned financial aids, education loan must be repaid. And it often comes with interest. In addition to that, limits are set on the amount of financial assistance that can be received.

In the event that you are not qualified for the first two programs and you are not comfortable taking loans for your education, you may try your luck investing in Bitcoins which is a hot item right now. You might want to do a quick check for the best crypto signals to have idea on how you can earn money using Bitcoins and save enough to send you to a University or College.

As a matter of fact, many countries have established their own financial aid program to assists student to graduate. In countries that are providing education at nominal cost, financial aid might just have tertiary link to an educational status than being tied to the family’s economic condition. Also, the financial support for students is almost always indirect.