FAQ & Myths
- On-campus work-study jobs do not count toward your taxable income.
- Federal and state taxes paid are subtracted from your income to calculate your financial aid allowance.
- An "income protection allowance" is used to provide for some basic living expenses. The "income protection allowance" basically defines the amount of money you can earn that does not reduce the amount of financial aid you will receive.
- The actual amount of this allowance depends on whether you are single, married, or have dependent children.
- The basic allowance for an unmarried independent student is $9,810 in 2016/2017. (This amount changes each year.)
- An independent student with dependents other than a spouse may qualify for an "automatic zero EFC" if anyone in the household is receiving federal assistance (SSI, TANF, WIC, Food Stamps, Federal school lunch program ) and household income is less than $24,000.
NOTE: Financial aid eligibility calculations are complicated and depend on each individual’s personal situation. Be sure to seek assistance as soon as possible from the college’s foster youth liaison in the financial aid office to make sure that you get the full amount of financial aid you are entitled to.
You can go to FSAHandbook 1516AVGCh3 for a detailed explanation of the formulas and to review the worksheets used to determine financial aid.