|Cliché:||Work for a living.|
|POCS Reality:||Eligible students can earn their financial aid through the Federal Work-Study program.|
5 Things You Should Know Before Accepting Federal Work-Study is a post I wrote for the Student Advisor Blog.
Read the whole post for details but here are the 5 key points about the Federal Work-Study (FWS) program:
- FWS award is a job on or off campus, usually for Federal minimum wage.
- After accepting the FWS award, students apply for a particular FWS job which may or may not be in their field of study and which may require an interview.
- FWS recipients receive a paycheck as they work and do not get the total award money up front to reduce the college bill.
- FWS earned money is taxable, although students are not penalized for FWS money earned on their next year’s FAFSA.
- FWS job ends when award amount is met. Any unearned money cannot be rolled over into next year’s award.
POCSmom’s College Prep DIY Insight: If you’re a full-time student, the FWS financial aid award is a part-time job. Before accepting FWS, make sure you can balance your studies with time spent working. The best jobs are the most valuable way to spend some of your free time because they:
- give you experience in your field of study
- provide networking opportunities in your field of study
- pay more than another opportunity
When considering your schedule, plan for downtime and extra-curricular fun. You can pass on Federal Work-Study for one semester, adjust to campus life, and accept it the next.