Federal Work-Study Program
The federal work-study program is a great way for students to keep loan amounts down while they complete their coursework. This program provides part-time jobs for students to help offset their educational expenses.
We offer several paid positions on campus and at our clinic. The positions range from tutoring fellow students, assisting faculty with research or even working our reception desk. A variety of positions and work hours have been created to meet the varying needs of students wishing to have educational employment while pursuing their degree.
Having a work-study position can have a huge impact on a student's final loan amount.
The below scenarios demonstrate what a work-study position can do for your debt load:
Three students have each taken out the maximum loan amount and financed all of their living and learning expenses through student loans. Their interest rates are 6.8% and they each have a 30-year repayment plan.
- Student A has decided not to apply for a work-study position. His total loan amount with interest is $348,914.
- Student B works 20 hours per week at Forest for $8 per hour. She works during the academic year only. Her total loan amount is $57,077 less than Student A.
- Student C works 20 hours per week at Forest for $8 per hour. He has decided to work over the breaks as well as during the academic year. His total loan amount is $76,604 less than Student A.
As you can see, a work-study position can make a big difference in loan repayment amounts. Applications for this program can be obtained by contacting Forest's Financial Aid Office.