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How much summer internship dollars will be claimed by college?

hariputralakehariputralake Registered User Posts: 17 Junior Member
Son has been very lucky to get two paid summer internship offers from two very famous comanies. Pay is very well and he will be working from home on his laptop. Most of the neetings will be on skype. Any air travel expanses will be covered by the company. I am wondering what portion of his income will be claimed by college and result in reduction of college aid. Is there any formula to cacculate it. Appreciate your help.

Replies to: How much summer internship dollars will be claimed by college?

  • atanvarneatanvarne Registered User Posts: 74 Junior Member
    edited March 12
    Situations vary, but if these internships are independent of the school then he should be getting paid directly. This summer income becomes part of the equation when he fills out the FAFSA for the next year and will affect the aid package in that way. Unless the school set up and sponsors the internship, I woudn't think they have a direct "claim" on any of his income.
  • bgbg4usbgbg4us Registered User Posts: 1,079 Senior Member
    what year is your son?
    college aid is determined by taxes filed 2 yrs prior. eg: his FA for upcoming 2019/20 comes from his/your earnings in 2017.

    Money earned from this summer would affect his financial aid in 2021-22. Maybe he'll be done with college by then!

    Student wages do make a difference on the kid's EFC if it's a big amount. So many people here on CC know the technical details . . .
  • hariputralakehariputralake Registered User Posts: 17 Junior Member
    No they are not through college. He is a high school senior who is waiting to know where he is being admitted. Iamm just trying to understand on a income of 1500 per week, how much school will reduce their aid. Is there any formula in FFSA OR CSS PROFILE to calculate this.
  • atanvarneatanvarne Registered User Posts: 74 Junior Member
    $1500 per week will indeed add up to real money. :-O From what I've read, the FAFSA counts student income and assets more heavily than parents', so if he earns of $9K or $12K, that will indeed have a substantial impact. But as @bgbg4us said above, it won't count until his junior year.

  • twoinanddonetwoinanddone Registered User Posts: 20,579 Senior Member
    In two years, $15000 (for 10 weeks this summer) will be assessed against his EFC at 50%(?)for income and if he still has it as an asset in his bank account, that amount at 20%
  • mommdcmommdc Registered User Posts: 10,958 Senior Member
    The EFC formula for 2021/22 FAFSA hasn't come out yet.

    2019 income would be used for that FAFSA.

    In recent years a dependent student had an income protection amount slightly higher than standard deduction before the rest of income was assessed at 50%.

    I don't know if the income protection allowance will increase to match the new higher standard deduction in 2018.
  • hariputralakehariputralake Registered User Posts: 17 Junior Member
  • hariputralakehariputralake Registered User Posts: 17 Junior Member
    How can you send a private message to someone. I have recived many and replied, but do not know how to create one. Thanks
  • happymomof1happymomof1 Registered User Posts: 28,870 Senior Member
    Click on their username, and then you should get to the page that lets you send a private message.
  • mom2collegekidsmom2collegekids Forum Champion Financial Aid, Forum Champion Alabama Posts: 84,712 Forum Champion
    edited March 13
    But, does it really matter? If he can earn $1500/week - wouldn't that experience be more beneficial than losing some portion of that in need based aid? Many scholarship organizations and internship/co-op employers want to see that a student has a work history so positives usually outweigh any loss in need based aid.

    This is true. If he works 10 weeks (can he work 8 weeks?) and earns $15,000, why wouldn’t spending some of that on college be a good thing?

    Curious...how does a high school senior get a summer internship paying $1500 per week? Doing what?

    Who pays a rising college freshman $37/hour for a 10 week internship? Is that amount correct???

    And it won’t affect 2019-20 aid that was filed already. And when you file for 2020-21 aid, it won’t show up either....except for anything saved, so put that in a 529 and buy necessary items, car, repairs, etc, before filing.

  • carachel2carachel2 Registered User Posts: 2,955 Senior Member
    Sounds like a CS internship and sounds like the student is a hotshot coder? That is great money. Any reduction in aid by the school can be offset by the student saving the $$ and paying towards COA. You can’t have your cake and eat it too.

    Kind of like our daughter who thought it would be swell if we paid her summer apartment rental while she pocketed her more than sufficient income from her co-op!
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