Saving Pell Grant while at CCC

Paying for College
4

<p>If you put excess Pell Grants into savings or use them on living expenses, you would report them as taxable scholarships on your tax returns of this year.</p>

<p>See <a href=“Publication 970 (2022), Tax Benefits for Education | Internal Revenue Service”>Publication 970 (2022), Tax Benefits for Education | Internal Revenue Service;

<p>Then you would report the taxable scholarships on your FAFSA of next year, such that the taxable scholarships do not impact your next year’s EFC.</p>

<p>See <a href=“http://talk.collegeconfidential.com/financial-aid-scholarships/1440665-fafsa-taxable-scholarships-go-under-agi.html[/url]”>http://talk.collegeconfidential.com/financial-aid-scholarships/1440665-fafsa-taxable-scholarships-go-under-agi.html&lt;/a&gt;&lt;/p&gt;