What is a work-study award letter?
The award letter will include information about grants, scholarships, loans, and work-study. If your college has deemed you eligible, your award letter will indicate how much your school is offering you in work-study funds.
How do work-study awards work?
Undergraduate students on work-study are paid by the hour and must be paid at least once a month. You can request that your college send your paycheck directly to you or ask them to deduct your payment from your college bill. Even though the federal work-study program is a form of financial aid, it can be much more.
Do you get a W 2 for work-study?
If you are required to file taxes, you must claim the earnings from any work study job(s) you had in the tax year in question. Your employer will give you a W-2 that will list all the required information to fill out your 1040 form. Earnings from a work-study position are subject to state and federal payroll taxes.
What is the maximum work-study award?
If your financial aid includes the initial maximum of $4,000 in work-study, that is the total amount you can earn in a work-study position (it takes into account both the work-study share and the employer’s share, anything earned over your $4,000 limit is 100% owed to you by the employer).
Does work-study count as income?
Do I Have to Pay Taxes on Work-Study Income? The short answer is yes. Although federal work-study programs are technically a type of financial aid, work-study jobs allow you to earn wages instead of taking on debt.
How much do work-study jobs pay?
The salary range for Work Study positions is the minimum wage of $10.00 per hour to $12.00 per hour; each job falls within a certain range. You and your employer should agree on an hourly rate depending on your skills and job responsibilities.
Do I need to file taxes for work study?
You do not have to pay to file your income taxes from work-study. Lastly, even though it doesn’t count against you, your student income from your work-study position should be included as earnings when filing the student portion of the Free Application for Federal Student Aid (FAFSA®).
How much money do you get from work-study?
With a work-study job, you’re guaranteed to earn at least the federal minimum wage, $7.25 an hour. If the state minimum wage is higher, you’ll earn at least the state minimum wage.
What is the benefit of work-study?
The federal government provide work-study opportunities to help low-income students afford college expenses. The essential benefit of having a work-study job is to allow students to pursuit academic excellence while having a flexible part-time job that will support them financially and provide work experience.
Where can I find my work study award letter?
Departments must ensure the student provides a copy of their work-study award letter prior to processing an EPAH to hire the student. The award letter will show the type of work-study award, Federal or State, and the amount of their award. C lick here to see a sample award letter .
Where can I find work study awards for FAFSA?
For FAFSA filers check for work-study awards in your award letter and online using the Financial Aid tool. For eligible DACA students work-study awards once posted are also available through the Financial Aid tool. Browse work-study job listings online at Handshake, or visit the Career Center.
What happens if you don’t get a work study award?
Please keep in mind, a work-study award does not guarantee employment. Students are responsible for applying for positions using the Handshake app. If students fail to obtain work-study employment within 45 days of the beginning of the semester, their work-study award will be canceled.
What should I expect in my FAFSA award letter?
From there, federal grants, loans, and work-study opportunities will be award to you. Once your college has reviewed your FAFSA®, they will send you a Financial Aid Award Letter that outlines your financial aid offer. The award letter will include information about grants, scholarships, loans, and work-study.