I’ve been writing posts for this college blog since the summer of 2008 and I figured I’d written about every topic imaginable, but there was at least one that I had overlooked.
Even though plenty of parents are worried about it, I had never addressed this issue: If a student has a job will this hurt his or her chances for financial aid?
I have reported in the past that a student’s assets are assessed at 20% for financial aid purposes, but what about a child’s income?
I can now share the answers with you. I got the scoop from Myra Baas Smith, who is the executive director of financial aid services at the College Board.
The financial aid methodology used by the FAFSA and the CSS/Financial Aid PROFILE each treat student jobs differently, but the vast majority of undergrads aren’t going to make enough money during the summer or throughout the year to impact their financial aid award.
I wrote about the rules regarding student jobs and financial aid in the latest post for my college blog over at CBSMoneyWatch. Please check it out here:
If your child is lucky enough to have a job, you can stop worrying about the financial aid consequences. Hopefully some of the money that your child is earning will help defray the cost of your college tab.