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6/6/2006
According to an article on usnews.com, a new law going into effect July 1, 2007 will make it more profitable for college-bound students to work during summer vacations and through their college years. That's because starting next year, the federal government won't count any of the first $3,000 of the student's earnings against need-based financial aid (Pell grants, student loans), making the money saved from students' jobs worth more.
Because the government will still be looking for students to contribute about 50 cents for every dollar earned above $3,000 though, the best strategy might be to stick with employment obtained through a work-study program at the college. Work-study earnings are exempted from need-based financial aid calculations, and there's another benefit too - according to studies, "students who work 10 - 15 hours a week get better grades".
Read the entire article on the U.S. News & World Report Web site.
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