BFG in the News: Victoria answers a reader’s question about financial aid for college students

Victoria Cannillo, an Associate Financial Planner/Analyst at Baron Financial Group, is quoted on this topic, answering a reader’s question on NJMoneyHelp.com by Karin Price Mueller, originally published in June 2024:

“Will my son’s summer income count for financial aid?”

A 20-second read by Victoria Cannillo:  Generally speaking, student assets will have an effect on their financial aid eligibility. However, there exists a student “income protection allowance” for dependent students. 

For the 2023-2024 FAFSA that number was $7,600. It changes every year. Your child might want to inquire what they will be paid for the job and try to stay below this limit.

If you know what college(s) they are interested in, you can reach out to the respective financial aid departments to answer any questions you may have.

You can learn more about college planning and what affects your qualification for financial aid here.

To learn about financial aid and college-savings accounts, click here.

Read Karin Price Mueller’s article here.

If you have any further questions, please reach out to your Baron Team.

Disclosure:  This is a general communication being provided for informational purposes only. This material is not intended to be relied upon as a forecast, research, tax or investment advice. Please consult your financial planning and tax professional for personal advice.