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I'm interested in getting an additional job on top of my FT + side hustle in order to pay down some massive CC debt.

My concern is that the additional earnings will be considered additional EFC for my college aged kids. I very much want to work even more, but... I do NOT want to work more and pay down the debt, only to essentially transfer the debt to my kids. I'm worried that their aid will go down because family income rises and they would have to incur loans. I'm not willing to force my kids into debt so that I can get myself out of debt.

This fall, 2020, we will have a senior on academic scholarship + need based aid, a soph on full academic scholarship with all expenses paid, and a freshman with fingers crossed hoping for the best at this point.

Is my concern warranted if our income jumps 10-15k this year?

Thanks for any insight.

Walstib
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My concern is that the additional earnings will be considered additional EFC for my college aged kids. I very much want to work even more, but... I do NOT want to work more and pay down the debt, only to essentially transfer the debt to my kids. I'm worried that their aid will go down because family income rises and they would have to incur loans. I'm not willing to force my kids into debt so that I can get myself out of debt.

I would expect the amount of loans to *decrease* with more income.
Your income goes up $10k. The EFC goes up $4.7k (maybe less. Possibly a lot less depending on your financial situation). Which means you are expected to come up with $4.7k more out of your pocket to pay for college - so you don't qualify for as big of loans.

Now if you don't take some of your increased income and pay the colleges more, the money has to come from somewhere, and my guess is your kids will borrow it on credit cards. (or drain their savings accounts if they have any - which probably is a good idea, since IIRC it expects you to spend on college ~20% of student's savings/assets each year, but only 2.6%-5.6% of parent assets.)

In short - yes I think you'll be expected to send more money to the colleges. If you plan on sending some of it to the colleges, and using the rest to pay down your debt it's a win-win for you and your kids. They have less debt when they finish college and so do you.
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I would contact the financial aid office at each college and ask them to help you understand how much your kid's EFC for that college will increase if your income goes up $15k. (Or at least for the two that will still be in college since your senior will have graduated by the time the extra income shows up on the FAFSA)
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