My dad says if I make a certain amount of money, I won’t receive any more loans from my FAFSA. I worked part-time for seven months last year and made over $6,000. Is this right? If it is, how can I limit myself?
How Much Money Am I Allowed to Make Per Year on Student Loans?
First off, $6,000 a year is generally not enough to stop receiving financial aid (either loans or grants). While I was in school, I worked three-part time jobs (made a lot more a year than $6,000) and still was able to receive financial aid.
But, I said that $6,000 a year is GENERALLY not enough because it also depends on your parents. If they are still claiming you as a dependent, then their income matters more than yours does in most situations. There is no clear cut-off, but available aid does decrease as income increases. Consider the pros and cons about filing non-centrally this next tax season (you can probably get EITC or Life time earner’s credit… extra cash to pay for school = always a excellent thing).
If you are already filing non-centrally, you have nothing to worry about. My best advice: fill out your FAFSA yourself this year. It’s vital to know what information they require and if you’re getting all the aid you qualify for.