Students who are awarded work-study receive the funds in a paycheck as they earn them, based on hours worked, just like a … Each year, the U.S. Department of Education awards more than $150 billion in federal grants, loans and work-study funds to college students who qualify for need-based financial aid based on the Free Application for Federal Student Aid (FAFSA ®), according to the office of Federal Student Aid.Unlike scholarships, grants and loans, a work-study award has to be earned through part-time … © 2020 College Finance Company, LLC | All Rights We think that they offer a great blend of financial upside, opportunities for experience, and great work/school balance. However, it’s still worth considering—especially because income earned under the work-study program is exempt from FICA taxes so Social Security and Medicaid taxes won’t be withheld. To help you answer this question, let’s look at the following topics: What is work-study? Work-study isn’t quite the same thing as a part-time job. He helps other Millennials earn more through side hustles, save more through budgeting tools and apps, and pay off debt. The obvious benefits to work-study programs are that they can reduce your student loan burden while potentially giving you valuable experience for your post-graduation job search. A few more things to know about your pay and hours: While work-study jobs are designed to help you pay for college, you don’t necessarily have to use them for tuition. They can be on or off campus jobs that are related to your course of study or have a focus on community service. Work-study is a program that helps employ students from high need families. ), What to Do If Your Student Loan Request Is Denied, Best Private Student Loans of 2020: Reviewed & Independently Rated, Understanding the Pros and Cons of Uncertified Student Loans, Understanding Student Repayment Interest (Calculations Behind It). Find Out Now. Does SAT Prep Make a Statistical Difference? Commentdocument.getElementById("comment").setAttribute( "id", "a0cc80ed6816a42874883400b9c7b6c7" );document.getElementById("h6ed79d68b").setAttribute( "id", "comment" ); © Copyright 2020 Millennial Money Man. Are You Eligible for Federal Work-Study? Your email address will not be published. Your work-study pay can’t exceed your Federal Work-Study award in hours or pay. Answering “yes” doesn’t guarantee you a job, and before you answer, either way, it’s important to understand more about work-study programs, like: College work-study programs are a federal student aid option that allows qualifying students at participating colleges to earn money to help pay for tuition or other college-related expenses. 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