I'm thinking about getting a job during high school but I'm worried about how it might affect my financial aid for college. Does having a job impact the FAFSA or any other financial aid information? Anyone has experience with this?
Indeed, income from a job can impact the Student Aid Index (SAI) calculation on your FAFSA (Free Application for Federal Student Aid) for financial aid for college. The SAI measures the family's financial strength and resources available to pay for education and it does take student income into consideration.
However, there is an income protection allowance which is factored into this consideration. As of the 2023-2024 academic year, the income protection allowance for dependent students is $7,600. This means that if you earn less than $7,600 in a given year, it won't affect your SAI.
But if your income exceeds this amount, 50% of the excess is considered available to help pay for college, which could indeed lower your aid. So, for instance, if you earn $8,600, this is $1,000 over the allowance, so $500 would be added to your SAI.
Always remember that every situation is unique and a number of factors can influence your personal financial aid scenario, hence, you might want to consult a school counselor or financial aid advisor who is familiar with your specific situation for more personalized guidance.
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