|
The student can earn @ $3,000 in a year without it affecting the EFC. Anything over that is hit at 50%. So him getting a summer job should not be a problem. His earnings do not matter to the $50,000 - that is parents only. Any savings in the students name are hit at 20%. Savings in parents name are hit at @5.6%. However if you qualify for simplified needs test assets are not considered.
The links I posted to the formula guide and to finaid contain some useful info. As you have a while to go (wish I had thought to look at this stuff so far ahead!) make sure you recheck the rules/formulas every year as they are subject to change.
|