@mom2collegekids Idk what that is
@DmitriR I asked if it was a mistake b/c I always ask that when I get a refund to make sure something like this does not happen. Too make sure it’s mine and i can keep it
@mommdc I live on campus. If I lived off campus, I’d be saving $4000 but I couldn’t get a lease. I’ll look for a job on campus though
I agree with @Mom2collegekids - ask your parents to give you the (up to) $2500 American Opportunity Tax Credit for 2012-2013-2014. Especially if they pay nothing and it’s all on you (loans, etc).
@madison85 what is that?
When they file their tax returns this year they have the opportunity to take a refundable [tax credit](AOTC | Internal Revenue Service). I don’t know if they will give you the money if/when they get the refund though, if they’re not willing to help you out with a couple of bucks a week for food…
@DmitriR do parents of college kids get this back every tax season?? And it’s not that they aren’t willing, my family is in a really crappy situation right now (financially). But I will be very upset if they have been getting money form me being in school and I haven’t even known…
The American opportunity tax credit is 40% refundable.
Well, they have to file for it, and there are income and time guidelines (I believe you can only get it four times). What I’m concerned with is the fact that, if they can’t make ends meet now enough to send you $20 or so to help their kid eat, they might have other uses that they need their whole tax refund for.
I definitely recommend asking but if they’re planning to file their taxes in April or something that might not be good enough since you need assistance now.
Looks like you budgeted $40/week for food.
Could you earn some money tutoring or babysitting? Might be doable.
I you can do the above then you need $40 immediately in addition to the 400 to pay the bill. Do you have anything you could sell? Textbooks?
If you drop a course, will that solve the problem? Not idea but you are in a tough spot.
So I had 6 classes at first, I dropped two which means I should have gotten the 880 back, now they’re saying it was a mistake and they want the 440 back.
That is why you got an extra 440 that you ended up having to get back, I am guessing. On the date your Pell was paid to your account, you had more credits, and you got a Pell payment based on the fact that you were full time on the day your aid paid to your account. Later, you dropped two classes and either went to 3/4 or 1/2 time, which meant your Pell payment was reduced. You have to pay it back, unfortunately. And the school most likely did not make a mistake - they paid your Pell properly as of that date, and a refund was created. But after you dropped classes and the Pell payment was reduced, you owed it back to them.
I don’t think the student got Pell. He mentioned that the only aid was $3,750 a semester, which as a junior would be the $7,500 direct loan I think.
To the OP…mistake or not…you owe the school money, and you have to repay it. You don’t get to just keep refunded money that was mistakenly given to you.
So…go and talk to a supervisor in the financial aid department. See if there is anything they can do to help you arrange your payback of this money.
Is there anyone who can loan you this $400? A church, a community organization? Some family member? Someone?
If you are disabled, have you had any interactions with Vocational Rehabilitation in your state. Depending on your disability, you might get some help…even if it is temporary.
Do you collect disability income? Where is that going?
Re: jobs. Perhaps there is an on campus job that you could do. My kid worked at the call center. It wasn’t glamourous but the school knew it, and it paid well. And the hours were flexible. And it was a sit down job.
Does anyone know…if the parents forgot to include the Tuition Tax Credit on previous years’ taxes, can they refile and get that money?
Yes, if they are eligible for the credit and so inclined to file an amended return.
Do you have your parents’ tax return? Look to see if it includes Form 8863.
Do they file Form 1040 or 1040A?
If the only aid was loans, then the issue with the refund has absolutely nothing at all to do with financial aid - instead, it would have to do with the bursar issuing a refund during a time when the student didn’t have all of the classes he/she eventually ended up with. Again, this would have nothing to do with the aid office if there are loans only …
An amended return may take a while to get processed. I had two small amended returns on two tax years. Both filed Aug 2014. I got one check Sept 2014. I finally got an answer mid January about the other year’s amended return refund (it had already been 12 - 16 weeks, and the IRS system says it is ‘assigned’ so I should receive something within 30 days, and I am still waiting. That got delayed they said because on the original return there was a computation error; so I guess this second action has the amended return getting more ‘scrutiny’. However it is for maybe $100.
OP, if your parents did use Turbo Tax or used a tax service, they probably did claim the opportunity credit. If not, they definitely need to do an amended return. If the IRS does owe them money back, it will also have some interest. My $143 refund for tax year 2011, the issued check included $10.45 in interest, for a total of $153.45.
Sorry you are living so lean, and hope you can make it through OK.