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Is federal work study a good idea?

A

archcommus

Diamond Member
School offered me federal work study totaling $2500 for the academic year. This is basically where I'd work a university job and most or all of the money I make would never see my pocket.

Do you think I should do this? If I do, I won't be making any personal money which sucks, and I might get an awful job. If I don't, though, that's $2500 more I have to get in loans. 🙁 Hmm...
 
Unless things have changed, it will see your pocket. I liked it because the jobs were easy and I could study at work, and you never have to pay it back.
 
its easy work, or so i'm told. My sister did it and she just sat there, doing random work. They even let her check email and surf the web when it wasn't busy. It depends on the jobs, but work study jobs are usually not intensive at all.
 
The work-study jobs were always better than the fast-food alternatives at my school and you can study while you're there too.
 
Why would it not see your pocket. The university will still charge you that $2500, it just a matter of whether you get it from loans or from your work study job. I can tell you right now having work study is a huge advantage when trying to get jobs, especially at labs that provide their own funding rather than using the university's funds.
 
I got Federal Work Study my freshman year but never took advantage of it. I think they took it away the following years because my gpa was below a 3.0
I got it back for this upcoming fall and spring.. and believe me, this time around, it is not going wasted. I'm going to earn every dollar of the $2,400

btw, you get paid like every other job except that the govt helps pay for a certain portion. It's a big advantage when applying for on-campus jobs that needs students
 
What are the chances the pay would be worse than something I could get independently? Depending on the hours I worked, I'm not sure if I'd have to fork over every cent or not to pay that proposed $2500.
 
Work Study just means that the government pays for your wages when you work an on-campus (or other qualifying) job, instead of your employer having to pay it.

It does not mean you get more financial aid, in fact it usually means you get less as they'll lower your other loans, treating it like its guaranteed money, which it isn't.

If you don't work as much as your work study if for, then you don't get the remainder for free, you just don't get it at all.

If you really need the money, I would recommend turning it down and trying to get higher loans. This way you get that money, and you can still work and earn the money you'd get from work study, which means more total money.

If you don't need the extra money that much, then work study is fine.
 
Depends... My dad made me calculate how much money I'd owe by the time I graduated, and I came out to about 5k ahead by the time I graduate. This is with living in the dorms all 4 years, and finishing college in 4 years. (living in dorms is about 2x month expensive as an apartment or house here) I calculated it by working 20 hours a week at $8/hour during the school year and 40 hours a week during the summer. The total came out to like $40k during my 4 years at college. Getting an $8/hour job isn't hard... and when you can nearly pay for your whole college experience by working 20 hours a week, isn't bad. I have yet to get a credit card and I have about $3k in my savings account. (going towards next year tuition, and I have all summer to make money at $10/hour for 40 hours a week)
 
Originally posted by: archcommus
School offered me federal work study totaling $2500 for the academic year. This is basically where I'd work a university job and most or all of the money I make would never see my pocket.

Do you think I should do this? If I do, I won't be making any personal money which sucks, and I might get an awful job. If I don't, though, that's $2500 more I have to get in loans. 🙁 Hmm...
Click to expand...

the work study money goes right in your pocket for books, food other expenses. do it. everybody should get a job in college to start off.
 
Originally posted by: darkswordsman17
Work Study just means that the government pays for your wages when you work an on-campus (or other qualifying) job, instead of your employer having to pay it.

It does not mean you get more financial aid, in fact it usually means you get less as they'll lower your other loans, treating it like its guaranteed money, which it isn't.

If you don't work as much as your work study if for, then you don't get the remainder for free, you just don't get it at all.

If you really need the money, I would recommend turning it down and trying to get higher loans. This way you get that money, and you can still work and earn the money you'd get from work study, which means more total money.

If you don't need the extra money that much, then work study is fine.
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loans have compounded interest. you should try to minimize them as much as possible, cause it's gonna take you a long time to pay off. do the work study
 
Originally posted by: DaWhim
get a job in library. check it out the as soon as you arrive the campus.
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or the computer labs/computer helpdesk....both very easy jobs, especially the computer labs. pretty much just sit there all day and help people when they have computer issues (not very often).

I currently work at the computer helpdesk at school, $9.00/hr, no work study required
 
Originally posted by: QurazyQuisp
Depends... My dad made me calculate how much money I'd owe by the time I graduated, and I came out to about 5k ahead by the time I graduate. This is with living in the dorms all 4 years, and finishing college in 4 years. (living in dorms is about 2x month expensive as an apartment or house here) I calculated it by working 20 hours a week at $8/hour during the school year and 40 hours a week during the summer. The total came out to like $40k during my 4 years at college. Getting an $8/hour job isn't hard... and when you can nearly pay for your whole college experience by working 20 hours a week, isn't bad. I have yet to get a credit card and I have about $3k in my savings account. (going towards next year tuition, and I have all summer to make money at $10/hour for 40 hours a week)
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I thought you were smart with your finance situation until I saw you "have yet to get a credit card." go get a cc to build up your credit before you regret it later.
 
Originally posted by: totalcommand

loans have compounded interest. you should try to minimize them as much as possible, cause it's gonna take you a long time to pay off. do the work study
Click to expand...

subsidized loan = free money. I max out all the subsidized loans and give it to my sister. it is currently making interest @ 5% a year. she has 3k from me in her saving, that's $150 a year, FREE.
 
Originally posted by: DaWhim
Originally posted by: totalcommand

loans have compounded interest. you should try to minimize them as much as possible, cause it's gonna take you a long time to pay off. do the work study
Click to expand...

subsidized loan = free money. I max out all the subsidized loans and give it to my sister. it is currently making interest @ 5% a year. she has 3k from me in her saving, that's $150 a year, FREE.
Click to expand...

not quite.

it's free while you're in school, but once you're out you still have to repay. once you make your first payment, the compounding interest kicks in. so, you want to mimimize loans no matter what, especially if it is work study as alternative. between subsidized and unsubsidized, you of course what to choose subsidized, since the gov't will be paying your interest in college.

a side note - work study jobs are a great way to meet people when you're a freshman. work at a cafe or something, at the front desk of the gym. girls will be forced to talk to you...
 
Yes, federal work study is a good idea. Just do it.

You pocket the money you make. You get priority for most jobs. And you are more likely to get a higher paying job since the federal goverment subsidizes part of your pay.

Best of all you can get real world experience in your chosen field, giving you a huge advantage over other college graduates.
 
Originally posted by: totalcommand
Originally posted by: DaWhim
Originally posted by: totalcommand

loans have compounded interest. you should try to minimize them as much as possible, cause it's gonna take you a long time to pay off. do the work study
Click to expand...

subsidized loan = free money. I max out all the subsidized loans and give it to my sister. it is currently making interest @ 5% a year. she has 3k from me in her saving, that's $150 a year, FREE.
Click to expand...

not quite.

it's free while you're in school, but once you're out you still have to repay. once you make your first payment, the compounding interest kicks in. so, you want to mimimize loans no matter what, especially if it is work study as alternative. between subsidized and unsubsidized, you of course what to choose subsidized, since the gov't will be paying your interest in college.

a side note - work study jobs are a great way to meet people when you're a freshman. work at a cafe or something, at the front desk of the gym. girls will be forced to talk to you...
Click to expand...

well...I am assuming you will pay off the subsidized loan once you get out of school and the grace period is over. you just pay what you are owed + the originated fee(which is small), but you get to keep all the interests.
 
Originally posted by: DaWhim
Originally posted by: totalcommand
Originally posted by: DaWhim
Originally posted by: totalcommand

loans have compounded interest. you should try to minimize them as much as possible, cause it's gonna take you a long time to pay off. do the work study
Click to expand...

subsidized loan = free money. I max out all the subsidized loans and give it to my sister. it is currently making interest @ 5% a year. she has 3k from me in her saving, that's $150 a year, FREE.
Click to expand...

not quite.

it's free while you're in school, but once you're out you still have to repay. once you make your first payment, the compounding interest kicks in. so, you want to mimimize loans no matter what, especially if it is work study as alternative. between subsidized and unsubsidized, you of course what to choose subsidized, since the gov't will be paying your interest in college.

a side note - work study jobs are a great way to meet people when you're a freshman. work at a cafe or something, at the front desk of the gym. girls will be forced to talk to you...
Click to expand...

well...I am assuming you will pay off the subsidized loan once you get out of school and the grace period is over. you just pay what you are owed + the originated fee(which is small), but you get to keep all the interests.
Click to expand...

no, you make monthly payments (pretty doubtful you'll pay it off in one shabang). and while that loan is being repayed, its compound interest. the government does not pay the interest for you once you get out of school. in other words, the interest is always there, its just that the government pays for it while you're in school, and when you're out, you start paying it.

it's most definitely not free money.
 
Originally posted by: totalcommand
Originally posted by: DaWhim
Originally posted by: totalcommand

loans have compounded interest. you should try to minimize them as much as possible, cause it's gonna take you a long time to pay off. do the work study
Click to expand...

subsidized loan = free money. I max out all the subsidized loans and give it to my sister. it is currently making interest @ 5% a year. she has 3k from me in her saving, that's $150 a year, FREE.
Click to expand...

not quite.

it's free while you're in school, but once you're out you still have to repay. once you make your first payment, the compounding interest kicks in. so, you want to mimimize loans no matter what, especially if it is work study as alternative. between subsidized and unsubsidized, you of course what to choose subsidized, since the gov't will be paying your interest in college.

a side note - work study jobs are a great way to meet people when you're a freshman. work at a cafe or something, at the front desk of the gym. girls will be forced to talk to you...
Click to expand...

Yes, but you can also get jobs without being limited with work study. There are some jobs that once you earn however much your work study is, they'll keep you from working so that they won't have to pay you. If you get a job without work study you won't have to deal with that. Also, in my experience, the non-work study jobs pay more than the work study ones, at least around here. Most of the ones needing work study are professors who need assistants and only pay like $5.75 an hour.

It goes without saying that if you don't need the loan then don't get it. Thats why I said that if he really needs the extra money then turn down the work study and try to get higher loan amounts as his total money will be higher for the time. Yes, he'll have to pay back the loan, but he should be working hard in school so that he gets a nice job afterwards which will enable him to easily pay the loans off.

You can accept the work study but not use it. This might be the best idea. This way you can find a decent job for the time, and if you need work study for it, then you'll have it, if you don't then no loss to you. You won't have to pay back work study.

How many of you have actual experience with work study? Are you confusing it with internships or something? Nearly all the jobs around here that work offer work study are the same jobs, just the department doesn't have the money to pay you, so they get a grant from the government to pay you. The pay is not higher, the jobs are not better. If anything I would say the pay is generally less (since they're just trying to get the cheapest employment they can) and the jobs are simple office tasks and things that offer little to no benefit to you as far as careers go.
 
One thing most people overlook when considering work study is the rate of pay...

Let's say work study will pay you $7.75 an hour, and the guy down the road offers you $9.50 an hour. Most would run off for the $9.50.

Here's the deal though. As long as when you are doing workstudy you are also enrolled in classes, there is zero tax taken out of your checks. Only ss money and l&i, which adds up to very little.
 
Originally posted by: IndieSnob
One thing most people overlook when considering work study is the rate of pay...

Let's say work study will pay you $7.75 an hour, and the guy down the road offers you $9.50 an hour. Most would run off for the $9.50.

Here's the deal though. As long as when you are doing workstudy you are also enrolled in classes, there is zero tax taken out of your checks. Only ss money and l&i, which adds up to very little.
Click to expand...

if you're working in college part time on-campus, you arent going to get much taxes taken out anyways. a few bucks here and there, def. not the difference between $9.50hr and $7.75/hr unless you are working 40hrs week
 
Originally posted by: darkswordsman17
Originally posted by: totalcommand
Originally posted by: DaWhim
Originally posted by: totalcommand

loans have compounded interest. you should try to minimize them as much as possible, cause it's gonna take you a long time to pay off. do the work study
Click to expand...

subsidized loan = free money. I max out all the subsidized loans and give it to my sister. it is currently making interest @ 5% a year. she has 3k from me in her saving, that's $150 a year, FREE.
Click to expand...

not quite.

it's free while you're in school, but once you're out you still have to repay. once you make your first payment, the compounding interest kicks in. so, you want to mimimize loans no matter what, especially if it is work study as alternative. between subsidized and unsubsidized, you of course what to choose subsidized, since the gov't will be paying your interest in college.

a side note - work study jobs are a great way to meet people when you're a freshman. work at a cafe or something, at the front desk of the gym. girls will be forced to talk to you...
Click to expand...

Yes, but you can also get jobs without being limited with work study. There are some jobs that once you earn however much your work study is, they'll keep you from working so that they won't have to pay you. If you get a job without work study you won't have to deal with that. Also, in my experience, the non-work study jobs pay more than the work study ones, at least around here. Most of the ones needing work study are professors who need assistants and only pay like $5.75 an hour.

It goes without saying that if you don't need the loan then don't get it. Thats why I said that if he really needs the extra money then turn down the work study and try to get higher loan amounts as his total money will be higher for the time. Yes, he'll have to pay back the loan, but he should be working hard in school so that he gets a nice job afterwards which will enable him to easily pay the loans off.

You can accept the work study but not use it. This might be the best idea. This way you can find a decent job for the time, and if you need work study for it, then you'll have it, if you don't then no loss to you. You won't have to pay back work study.

How many of you have actual experience with work study? Are you confusing it with internships or something? Nearly all the jobs around here that work offer work study are the same jobs, just the department doesn't have the money to pay you, so they get a grant from the government to pay you. The pay is not higher, the jobs are not better. If anything I would say the pay is generally less (since they're just trying to get the cheapest employment they can) and the jobs are simple office tasks and things that offer little to no benefit to you as far as careers go.
Click to expand...

accepting the work-study then getting a non-work study job might be the way to go.

but it is much easier to find work-study jobs, since there are usually allotted slots for people. the departments and university services are given a certain amount of money for work study that they need to use up.

you're right though, (i have w-s experience) you get paid like sh!t if you're job is doing anything you're interested in, like in a lab or with some professor. the highest paying w-s jobs are jobs at the gym or cafes, library, which will probably be useless to your future career, or only useful indirectly.
 
Originally posted by: jaybert
Originally posted by: IndieSnob
One thing most people overlook when considering work study is the rate of pay...

Let's say work study will pay you $7.75 an hour, and the guy down the road offers you $9.50 an hour. Most would run off for the $9.50.

Here's the deal though. As long as when you are doing workstudy you are also enrolled in classes, there is zero tax taken out of your checks. Only ss money and l&i, which adds up to very little.
Click to expand...

if you're working in college part time on-campus, you arent going to get much taxes taken out anyways. a few bucks here and there, def. not the difference between $9.50hr and $7.75/hr unless you are working 40hrs week
Click to expand...



True, but it does add up over a monthly period. For someone like me, it's the difference between paying my rent, and not being able to pay it.
 
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