This is the time of year when high school seniors begin receiving financial aid award letters. It is also the time of year when I get many phone calls from parents who are utterly confused by what exactly the schools are offering them.
One topic that comes up often in my practice is whether or not to accept Federal Work-Study awards, or FWS. First, let me tell you what an FWS is not. An FWS is not a guaranteed job on campus. Therefore, if your kid receives an FWS, and your son or daughter arrives on campus expecting to go their first day on the job, forget about it. An FWS is merely an opportunity for your child to get a federally subsidized job on campus.