<p>I recieved pell grant for 1st year. my efc was about 3800ish. my mom is getting a raise to a little over 60k. the coa is 56k. dad is not present and I have 2 brothers who are not in college. if all except the income stays the same, will I loose the pell 2nd year? what is the maximum income/efc you can have to get pell? what is the efc limit for subsidized loan? thanks</p>
<p>When your mom gets to the point that she makes 60K a year, you will not longer be pell eligible. Your mom has not gotten the raise yet. Your financial aid for year 2 (if you are just completing year 1) will be based on what your mom made in 2010. If the raise is kicking in this year, it may affect your financial aid in year 3 (2012-2013).</p>
<p>A raise pays forever. If she turns it down, she may never get it back, and lose out on years worth of that raise, which would far outweigh losing the Pell for a year or two.</p>
<p>In most cases the family will be better off taking the raise rather than not taking it. Only a certain % of income goes toward the EFC so even if the EFC goes up and some pell is lost, the increase in family income will generally be higher then the lost pell.</p>
<p>There are some exceptions, but usually they relate more to people who qualify for auto 0 or simplified needs.</p>
<p>If the question is to “take or not take the raise,” then take the raise, and when your mom gets each paycheck, she should “set aside” her increase in paycheck for future college costs. Since 2011 is not even half over, she’ll have many months to set aside this additional money to compensate for any loss of Pell that would go into affect in Fall of 2012 (or maybe the loss won’t happen until 2013 because she may not earn too much in 2011 anyway.</p>
<p>It’s always better in the long run to get the raise…future raises will be based on a larger base income.</p>
<p>does losing pell affect eligibility for subsidized loans or work study?</p>
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<p>Did you receive a FULL Pell grant? If so, I’m going to guess that you won’t lose it all (unless you qualified for auto $0 and wont anymore). We can’t answer your question without knowing the cost of your school. Subsidized loans and WS are need based awards. Presumably you would still have financial need and if that were the case, your loans would likely remain subsidized and you would continue to receive WS. BUT really, the only way to know for sure is to ask the financial aid office at your school what will happen if your parent income increases by $xXX.</p>
<p>Still…in the long run, it is better for your mom to accept a raise as this raise will be with her long after you are out of college. If raises are a %age of current salary, and she does NOT take this one…future raises will be smaller because her salary will be smaller.</p>
<p>When will you have a sibling going to college?</p>
<p>*When your mom gets to the point that she makes 60K a year, you will not longer be pell eligible. *</p>
<p>Is that true? Even if you have 2 or more in college? and/or a good sized household?</p>
<p>No, it’s not necessarily true. There is no income cut off for Pell as things such as # in college and/or family size do have an impact. A small family with one child in school probably would not be eligible for the pell with a $60k+ income. A larger family or one with more than one child in school might be.</p>
<p>my brothers are in elementary school. I didn’t get full pell. I got $2500 in pell. cost of school is 56k. but I also got $4000 in the ecot-somtehing grant from the fed in the financial aid package. and $2000ish in work study. her raise is about 8k but if I loose pell, would I loose the $4000 too?</p>
<p>What is that $4k grant???</p>
<p>When does this raise go into affect? If it’s an $8k raise, then that’s $666 per month. If the raise starts in May, then that’s 8 months of a raise in 2011. Then that means this year, she’ll earn about 5300 more than last year. </p>
<p>Either way…if your mom sets aside the “net” money that she earns each month from this raise, she’ll have a good amount set aside to make up for any loss in grants. </p>
<p>So, it sounds like she’ll earn less than $60k for 2011. What school do you go to? Does it meet need? If so, then it might make up any/most of any other fed grants that you’ll lose.</p>
<p>ecot something? never hear of it. Is it the FSEOG perhaps? That is the only other major federal grant (ACG and SMART are gone for next year of course).</p>
<p>You would have to ask your school. If it is the FSEOG, schools have very limited funds and they decide how to award them. Many schools only award FSEOG to students with 0 EFCs as the funding is so limited that they run out before even all the 0 EFC students can get any.</p>