Hey, we know beer money doesn’t grow on trees. 🌳🍺 Regular money doesn’t grow on them, either. Wait a minute, if money doesn’t grow on trees, how come it’s made of…paper?! 😵
Whether you need money for beer or books, finding extra funds as a college or graduate student isn’t always easy. 🎓 However, you might be able to boost your budget through a little something called work study. 😎
Here’s Five Fast Facts on work study programs:
- 🧑🏫 You Betta Work - If you’re a current student looking for financial assistance to pay for academic expenses, work study could be a game changer. Work study is a type of financial aid in the form of part-time jobs, like research assistants or a gig at the school library. Most work study jobs are on a college campus, but you may find some that are off campus.
- 💰 Payment Powwow - Work study opportunities are available for students at all levels, from undergraduate through professional. If you’re an undergrad, you’ll be paid an hourly rate. At the graduate level and above, you’ll get paid hourly or receive a salary, depending on the work you do.
- 💵 Wage Gauge - Per federal guidelines, work study program participants are required to earn at least the federal minimum wage of $7.25 an hour. If your state’s minimum wage is higher or your employer wants to pay you more, you could earn more. Your job has to pay you at least once a month and the money goes directly to your bank account. Bonus points: the money you earn through work study in a given year won’t impact your financial aid for the following year.
- 📝 In Good Form - To become eligible for work study, you’ll need to fill out a Federal Application for Student Aid (FAFSA). Work study opportunities are first come, first served, so apply early. Additionally, just because you get a job one year doesn’t guarantee you’ll have it the next year. Your FAFSA will determine your eligibility on a year to year basis.
- 📚 Smart Spending - How much you’ll receive as payment for participating in work study depends on your level of financial need and how much money your school has available. There are no restrictions on what you do with the funds - you can spend the money however you wish. We recommend books over beer.
🔥Bottom line: What comes after college? A big boy (or girl) job! When you’re ready to graduate and hit those job boards, make sure you go in with a strategy. If you want to land that gig you’ve been dreaming of, you’ll need to think outside the box. Check out these tips to help you stand out from the crowd.
Are you in a work study program?
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