How much household income will affect the FAFSA aid??

Question

I am 20 years old. I will going to college in this SEP. But I am working a part time job from May to August and it needs to pay check ( like $1300 per month). I have 4 members (MUM+DAD+ME&MY BRO)in my household and the household income is like $1300 per month. My bro(21) is in college now and has FAFSA aid. If I increase my household income will it affect me and my bro FAFSA aid?

Answer 1

I'm fairly certain it would only effect your aid for the 09-10 school year.  Not this year. The amount that it effects it is dependent upon your parents income.

Answer 2

Generally FAFSA uses the previous year income.  So for the upcoming 2008-2009 school year, it would use information from your (and parents) 2007 tax return.  I think next year you would maybe see the effects in your EFC, if any, from the income amount you've listed.  And with both your brother and you attending college, you should still most likely receive a Pell Grant.