Does the protected income cap ($6000) apply to summer earnings or academic year?

skippyjoy207 · 07-19-2012, 02:15 PM

mom2collegekids · 07-19-2012, 02:19 PM

It applies to the entire year...all 12 months.

However, I don't know if W-S earnings are excluded from that $6k amount.

romanigypsyeyes · 07-19-2012, 02:32 PM

Work study funds are excluded.

skippyjoy207 · 07-19-2012, 02:36 PM

Thanks. If I'm not mistaken, will I be effectively earning $4.10/hr (half of my wage) once I exceed the cap?

If anyone happens to know what time period is taken into account, could they post as well? I will have earned about $5000 this summer and am hoping the period ends starts and ends in December, rather than beginning and ending in May.

romanigypsyeyes · 07-19-2012, 02:43 PM

It's the whole year... January to December.

annoyingdad · 07-19-2012, 02:48 PM

Since the FAFSA is based on the previous tax year, it's the tax year not the academic year, Jan to Dec as has been said.

swimcatsmom · 07-19-2012, 04:55 PM

Yes, it is the tax year, Jan to Dec. So for the 2013-2014 FAFSA , it will be your earnings for the tax/calender year 2012. WS income is protected and therefore not included in the $6,000 cap.