Savings Requirement
Work-Study Savings Requirement
Work-Study earnings must be used for college expenses. Term-time Work-Study earnings constitute part of the student's financial aid award, and are generally used for the personal expenses portion of the budget. Summer Work-Study earnings constitute the Student Income Contribution (SIC) required of students receiving federal financial aid. Students are advised to keep track of deductions and work-related expenses, and then have the remainder available for the following academic year's college expenses. If you earned Work-Study wages for the summer, but were not able to save the SIC amount, you may not make up the difference with subsidized loans or additional Work-Study.
All FWSP earnings are taxable. FICA is withheld from all off-campus Work-Study paychecks during the term as well as the summer. Students working term-time in on-campus Work-Study jobs do not contribute to FICA.
