Will I get a Pell Grant?

Paying for College
1

<p>Age 30
9k income
stock losses
six figure assets</p>

2

<p>Goodness - I would hope not!</p>

<p>But it would depend on whether the assets are the type that would be excluded from calculation (e.g. home equity, retirement savings) or something else.</p>

3

<p>Stlouisboy…run an online EFC calculator. If your EFC is below 5000 you would get at least a portion of the Pell. With a $100,000 amount of assets…that alone would generate a large amount towards that EFC.</p>

4

<p>If you make below 24K and file either a 1040A or 1040EZ, assets will not be considered and you should qualify for an automatic zero EFC.</p>

<p>Note that you will not be able to do this if you file a 1040. This means that you cannot have capital gains/loses form selling stocks/bond/mutual funds etc.</p>

5

<p>Thanks everybody. The assets are non in retirement accounts. I am guessing those stock losses make me file a 1040. If I did not have them I it would be yes. One more question how much interest income can a person have on a 1040A and still file a 1040A?</p>

6

<p>[IRS</a> Publication: 1040A Instructions](<a href=“http://www.irs.gov/pub/irs-pdf/i1040a.pdf]IRS”>About Form 1040-A, U.S. Individual Income Tax Return | Internal Revenue Service)</p>

7

<p>Do you have any kids?</p>

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<p>Page 36:</p>

<p><a href=“http://ifap.ed.gov/fsahandbook/attachments/1213AVGCh3.pdf[/url]”>http://ifap.ed.gov/fsahandbook/attachments/1213AVGCh3.pdf&lt;/a&gt;&lt;/p&gt;

<p>I doubt this has changed for 2013-14.</p>

8

<p>no kids and single.</p>

9

<p>You will likely not be Pell eligible. The only way you would be is if you fit the definition of a dislocated worker. If you do, your assets will be ignored. Also - it has to be a first bachelors degree - if you are returning for a second degree, then no.</p>

10

<p>Yes it is a second degree so I guess that I will just get one of the tax write offs. I am going to the seminary. The tuition is 7k a year. How much credit for taxes does a person get.</p>

11

<p>Look at the tax benefits and qualifications for education here:</p>

<p><a href=“http://www.irs.gov/pub/irs-pdf/p970.pdf[/url]”>http://www.irs.gov/pub/irs-pdf/p970.pdf&lt;/a&gt;&lt;/p&gt;

<p>Also check on your state income tax if your state has one.</p>

<p>Being that you are going for a 2nd degree, none may apply.</p>

12

<p>You will be able to get federal student loans. You can receive $9,500 per year if you are classified as a freshman, $10,500 as a sophomore, and $12,500 as a junior and senior. Even if you have a prior bachelors degree, you can receive loans.</p>

13

<p>It looks like a person going for a second degree can get the Lifetime Learning Credit.</p>