is there a set limit to the amount of money that you can make before your eligibility for student loans and grants is negatively affected.what i mean is this, will making money over the summer make me get less federal grant money for college?
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I don’t think there’s an exact number that you have to stay below. The Dept of Education has a formula that’s used to determine your eligibility for loans and grants, and there are several things that factor in to the equation. Also, if you’re younger than 24 you’re considered a “dependent” student and your parents’ income is put into the equation. However, if you have a job this summer it won’t affect your eligibility for this fall semester. Financial aid for the 2010-2011 school year is determined using your 2009 income taxes. The income from your summer job may affect you next school year, though. Grants and some federal loans are need-based, but unsubsidized Stafford loans are available to everyone.
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