Two years of college left, can I make lots of money?

Paying for College
1

Heya,

I just transferred to a UC from community college in California, and I have two years left. I wanted to hear some advice on this:
I have decent financial aid, so I don’t have to work a lot during school to make ends meet. However, I figured if I can work and build up some savings while in school, that’s good. Since FAFSA looks at income two years prior (correct me if I’m wrong), does that mean I don’t have to be afraid that working too much or getting promoted to a higher pay will reduce my financial aid for the rest of college (through 2020)?

I don’t want to be in a situation where I work a lot during my junior year and then my senior year, they cut my financial aid because I reported more income.

I am independent from my parents, so it’s purely my income.

2

Edit: I’m also playing with the idea of starting a business. Of course, I don’t want to do that if it reduces my financial aid, because then it would just be a lot of hard work for no gain in the end.

3

Any income from 2018 will be used on the 2020-2021 financial aid forms.

If you will be certain to graduate in 2020 spring, then you are correct…your income from 2018 won’t be on any undergrad FAFSA you complete.

However, if you DO end up in undergrad 2020-2012…your 2018 income will be on the forms. But then again…it’s August so how much would you really be able to earn in 2018?.

4

Assets will also be on the fAFSA you file in 2019 for the 2020-21 school year (so if you have to go one extra fall…)

Money and assets aren’t assessed at 100%, so you are almost always better off earning and saving money then never having the income at all.

5

If you’re transferring to a UC and receiving a Cal Grant, you will only get two school years of a Cal Grant so make sure that you graduate ON TIME. That is your number ONE priority right now…not making extra money.

6

Thanks, these are great points (especially about graduating on time because of Cal Grant)

7

If you are going to be saving money anyway, now would be a good time to open and start contributing to a retirement account. Those are generally not counted as assets for financial aid purposes.

8

I would be more focused on academics at this point in order to graduate on time. It is a big leap in academic rigor to go from a CC to a UC.

9

Other than, like, you know, paying for your own way rather than having US pay for you…