Financial Aid questions?

Let's say you work as an independent contractor -- if you make over $400 in a year, then you are required to file all taxes & this includes social security taxes as well as state & federal

the people you work for are required to report all employee income & all contractor pay-outs

if you do not give your employer your SS# & they are smart, they will immediately fire you because they are in violation of federal law to obtain I-9 info on all employees

You can go to prison for defrauding IRS & you can go to prison for fraudulent reporting on your FAFSA --- Don't do this --- unless you prefer to spend a great deal of time in prison jumpsuits followed by paying of $10,000 in fines for each semester that you wrongfully received grant funding not to mention the fines for IRS fraud

If it helps you to know... my son has a friend who tried not reporting some income in order to receive grant funding.... it took over a year before he got caught --- it cost his parents over $30,000 to fix the problem & keep him from being thrown in prison for several years ---- on top of what they paid, he is banned from using federal & state fin aid so the only way he can go to school from now on is to pay out of pocket

You are REQUIRED to report all income to the IRS and to FAFSA. You will not get any financial aid if you don't submit accurate documentation. If you are a dependent student, you will also be required to submit your parent's tax information. Middle class students don't get grant money, so your loan money won't change no matter what your income.

Unless you make an exorbitant amount of money at your part-time job, your financial aid should not be affected a huge amount...especially if you are still a dependent student as your parent's income is considered mostly.