SPIF and Financial Aid
In determining your financial aid eligibility Student Financial Services calculates a Student Contribution (SC). The SC is comprised of two parts; one part is based on assets and the other is based on summer income. If your total summer earnings are below a gross of approximately $8300 your student contribution from income will be $0. This will increase your LIPP need, and the amount of borrowing that is LIPP eligible will be higher for the next year. If your income is above $8300 you will create an SC from income. Essentially, financial aid looks at your summer earnings less taxes and a $7000 living allowance. Of the remaining amount, 90% will be included as part of your SC.
From a financial aid perspective, earning a high summer income:
- increases your student contribution from income
- lowers your need (and LIPP eligible borrowing level)
- means you will have more to live on for the summer, but only 10% of your net earnings over $7,000
- allows you to reduce your borrowing if you save your summer earnings to pay for school
If you are interested in further information regarding how SPIF will affect your financial aid award, please contact Student Financial Services to make an appointment with your financial aid officer.