This is episode 34 and today we are talking about How to Get The Most Out Of Your Federal Work Study Grant
Now there are many ways to work while in college. But the job dependent students take at the local fast food joint can really hurt their opportunity to receive federal grants by increasing their Expected Family Contribution a great deal. So to make the most of working while in college, its important to take advantage of Federal Work Study. In order to make sure students can get the most out of the program, they should follow these three tips:
1) Make sure to mark the Work Study Box on the Free Application for Federal Student Aid. By checking this box and indicating your interest, the financial aid office can replace some of the loans you would otherwise receive with work-study money available.
2) Contact the financial aid office directly and make it clear you want Work-Study. Many schools use Work-Study in a passive way, waiting to be asked for it. Students and parents should contact their financial aid advisor and make it clear they want work-study before any loans.
3) Use every dime allotted: Students can have more than one job on campus as long as they do not exceed their allotment of work-study money. So student should work in as many positions and as many hours as permitted before even considering an off campus job.
The student loan debt bubble is coming and we all should be wary of every dime we borrow. Student loan debt is like a pair of golden handcuffs that trap people into careers or jobs they hate to pay them off. Better to work and be debt free when a student graduates so they can chart their own course in life without the threat of debt over their heads.
Have a problem with financial aid or scholarships? go ahead and send JR a tweet @ CollegeCashMan or call him at 831-275-0182. Thanks for listening to JR’s Two Minute Financial Aid Tips at http://www.collegemoneyman.com
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