<p>We have an employee who is interested in going back to college. He has completed a couple of years earlier, but never graduated. Is looking to go full time to a community college. He is 32 years old and therefore, independent. He is single. What is the most he can make to be eligible for a Pell Grant?</p>
<p>Pell maximum of $5550 needs a zero EFC which means zero TAXABLE income and zero assets. Every dollar of assets adds 20cents to the EFC and it’s half the taxable income (plus add backs like 401K contributions within that tax year) that goes on that EFC. But it’s not zero or $5500, you understand. How much in PELL are you talking about? You can get $100 in PELL money which isn’t going to help much or the full amount and the amounts in between. He will be able to borrow $9500 his first year and it will go up a bit each year. Some of the loan may be subsidized depending on cost of college. He may have to wait a year before getting any or much PELL if he has income and assets that reduce it by much. ALso look into state money that might be available.</p>
<p>CPT, for independent students, don’t they get some protected income, before it goes to EFC?</p>
<p>There is a $9540 income allowance and a $4400 asset allowance for independent, single and 32.</p>
<p>You can browse through formula B here:</p>
<p><a href=“http://ifap.ed.gov/efcformulaguide/attachments/091312EFCFormulaGuide1314.pdf[/url]”>http://ifap.ed.gov/efcformulaguide/attachments/091312EFCFormulaGuide1314.pdf</a></p>
<p>Oop, I missed that. I absolutely did not know about the asset protection. Forgot about the income allowance.</p>
<p>Wow. You guys are good. Thanks</p>
<p>3b, also some states, including NY have their own aid.</p>
<p>Ah - the vagaries of the Pell explained. Thanks.</p>