How does financial aid work?

I'm 19 and go to school and work full-time i just got a promotion how will this effect my financial aid?

• iv been working through the temp agency full-time for over a year and the company i worked at just hired me on full-time permanent. i still go to school full-time and live with my mom since im going to a community college and plan on transferring later. since i started college iv always gotten all of my classes and stuff paid and then some because of financial aid. i thought the financial aid was based on family income but im not sure if my pay raise will effect it at all. o and also the company gives out a $2000 scholarship for anyone working full-time and going to school full-time would applying for it effect my financial aid this year or next since iv already gotten my award letter?

• Answer:

  If it affects your financial aid, it will affect it next year, not this year. The FAFSA is based off of your income/tax return for the previous year. Your award right now is based from your 2010 income. Your award next year will be dependent upon this year's income. As for the scholarship, will they give it to you this year, if so, then it may reduce the amount of loans you have to take out. Outside scholarships and financial aid cannot exceed the overall cost of attendance (tuition, books, room/board, other expenses), which is a number your school comes up with. It's usually 3 - 4X the cost of tuition. Working full-time, you may want to become an independent student in order to get the most financial aid. This would require you moving out and filing your taxes as an independent.