How to Apply For a Pell Grant Eligibility - Read Carefully:-
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Pell Grant Eligibility

You are a bright student and full of confidence that you can take the hardships of higher education in your strides. However, there is a problem; your weak financial condition won't be able to bear the burden of your ambition. However, the financial assistance in the form of grants, such as college grants, education grants for women, etc. may change the course of your life. Read more on grants for college students.

But are you eligible for it? How will you set about finding whether you are eligible for a pell grant or not?

Pell Grant: Federal Pell Grant Eligibility

The first step in determining your pell grant eligibility is to fill a 'Free application for the Federal Student Aid' (FAFSA) form, which is also called pell grant application, on the Internet. Follow the instructions provided on the website and answer the questions which will determine your pell grant eligibility. If you are eligible for pell grant then it means that you are also eligible for various government grants and funding too. You will be notified about the outcome in the due course of time. Although, students with family income under $50,000 are eligible to receive the pell grant, these grants are mainly received by those with family income less than $20,000. The grant money depends on the following facts:
  1. How much money the student's family is ready to contribute. This amount may vary depending on whether the student is a dependent, independent without dependents, or independent with dependents.
  2. The tuition fee charged by the educational institute.
  3. Whether the student is going to attend a full time or part time course.
Once you are informed that you are eligible to receive pell grant, you have to submit various kinds of information to the authorities in the financial aid office. You receive the grant money, only after your information is found to be acceptable. Hence, if you have some difficulties regarding the information, you should get it clarified from the school or financial aid authorities as early as possible, as any discrepancy in the data may affect the outcome. The following is the list of Federal Pell Grant eligibility criteria:
  1. You must fill and submit FAFSA form, which binds you to use the Federal Pell Grant only for your education.
  2. You have not defaulted on any other Federal student loans or grants. You have to assure the authorities that you will repay this loan as well.
  3. It is important that you, as an undergraduate student, should be attending an approved course, in order to achieve a bachelor's degree.
  4. Your progress with the studies must be satisfactory.
  5. A valid Social Security number.
  6. A high school diploma or GED.
  7. You must be able to satisfy the authorities about the benefits you will receive from the offered tuition or the program.
  8. You must be a US citizen or permanent resident, or eligible non-citizen.
  9. You must be able to attend school legally in the US.
  10. Federal tax returns.
  11. W-2 information.
  12. Information about the untaxed income such as veteran's benefits, social security.
  13. Bank statements, total investment and mortgage information.
  14. Business records.
It may take 2 months or even longer for the finance aid authorities to complete the verification of your information. So, to be on the safe side, you must try to apply for the pell grant, at least 10 weeks before the semester begins.

The federal pell grants are awarded to the low-income students in order to help them continue their education and to help them realize their potential to the maximum. Though, you are allowed to receive only one pell grant per educational year, there is no limit on how many times you can receive it, once, you have proved your pell grant eligibility.
By Shrinivas Kanade

Tuesday, July 10, 2012

Claim Pell Grant Money on Taxes

Claim Pell Grant Money on Taxes

The IRS snacks a Pell allow as a scholarship or grant, which means it's possible that you'll have to review the allow cash on your tax come back and maybe even pay earnings tax on the cash.

Pell Grants

Receiving a Pell allow as part of your government student aid prize can reduce, or even remove, the financial pressure of paying the educational costs to join school. In some cases, the Inner Income Service can require that you declare the Pell allow cash as earnings on your tax come back. However, if you follow a few simple guidelines, you can get your Pell allow cash entirely tax 100 % free.

Tax-free Pell Grants

A Pell allow does not need to be revealed on your tax come back, if you fulfill two IRS specifications that apply to all grants and grants:
You must be registered in a system as a degree applicant, or you must be seeking a training course that makes you for particular types of career upon achievement.
You must use the Pell allow only to pay for “qualified knowledge costs.”

Qualified knowledge expenses

Any part of your Pell allow that is not invested on certified knowledge costs is needed to be revealed on your tax come back. Qualified knowledge costs include educational costs and fee expenses, and the guides, resources, and equipment needed for your programs.

For example, if you take a chemistry category and the lecturer needs all learners to purchase a particular publication, the cost of the guide is a certified cost. If the lecturer only suggests the guide, it is not a certified knowledge cost.

If you use your Pell allow to pay for space and panel expenses, or to travel to your long lasting home on saturdays and sundays or vacations, then the quantity will be considered taxed earnings.

How to review nonqualified Pell allow costs on your tax return

If you don't use all of your Pell allow cash for certified knowledge costs, you need to figure out how much of the allow to review on your tax come back. Educational institutions generally merge all student expenses in one account. For example, assume your costs for the term are $4,000 for educational costs, $2,000 for space and panel, and $500 for needed books. If you get a $3,000 Pell allow and use it on educational costs and/or guides, you will not have to review any of it on your tax come back. If you get a $5,000 allow, $500 of it will be taxed since you only suffered $4,500 of certified costs ($4,000 for educational costs and $500 for needed books).

Regardless of the tax form you use, you need to review the $500 in the above example on the “wages and salary” line and get into “SCH” to the left of the quantity. Just because you review the Pell allow as taxed earnings, does not actually mean you will pay tax on it. This relies on other factors such as the quantity of other earnings you review, your processing position, and the reductions and attributes you are qualified for.

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