WHAT IS WORK-STUDY AND HOW DOES IT PAY FOR COLLEGE?

Paying for college can be challenging. Luckily, there are numerous options for financial aid, allowing students to secure opportunities to cover the cost. One such option is the work-study program.

If your student may be eligible for work-study, here’s what you need to know about this type of financial aid.

WHAT KIND OF WORK-STUDY JOBS ARE THERE?

Predominately, work-study jobs take two forms. One of the main ones is assisting the college your student is attending.

HOW MUCH DO WORK-STUDY JOBS PAY?

Work-study pay rates can vary. However, all students who secure a work-study job are guaranteed at least minimum wage, based on their area.

ARE WORK-STUDY EARNINGS TAXABLE?

Yes, work-study earnings are subject to tax. It is considered a source of income, so it has to be reported to the IRS and the state (if your student’s state has a separate income tax) each year.

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