Grants?

[almostsm]

What is the name of your state? Wisconsin

(Amounts are hypothetical) My FAFSA reward letter indicates that I get $2000 total from the Federal Pell Grant and the Wisconsin Higher Education Grant, but my actual school costs are only $1000 (this would be just class and book costs- I don't know what else would count toward "school costs.")

How are the grants dispersed? Do they cut me a check and then I pay the school? Or do they pay the school and that's it? Is this money supposed to also go toward housing? If so, I own my house.

I did state in my FAFSA that I would be attending school only half-time.

 

[seniorjudge]

Don't ask us.

We don't know.

Ask the folks with the dough.

 

[BlondiePB]

What is the name of your state? Wisconsin

(Amounts are hypothetical) My FAFSA reward letter indicates that I get $2000 total from the Federal Pell Grant and the Wisconsin Higher Education Grant, but my actual school costs are only $1000 (this would be just class and book costs- I don't know what else would count toward "school costs.")

How are the grants dispersed? Do they cut me a check and then I pay the school? Or do they pay the school and that's it? Is this money supposed to also go toward housing? If so, I own my house.

I did state in my FAFSA that I would be attending school only half-time.

Last I knew, the money is sent to the educational institution you are attending - the financial aid department. Some of it may be taxable income.

 

[Towtheline]

HAHA... Those last 2 replies made me laugh...

I just finished my undergrad degree and know about this stuff...

The check will be sent to your university/college and then they will give it to you (or some variation of this)

>but my actual school costs are only $1000
Thats GREAT this means the extra grant money can go for whatever educational purpose you need it for then besides books and tutition ( things like transportation, clothes, food, computers, supplies, fees, housing, etc...) but you can not use the extra money for things like investing it into stocks or bonds or anything like that.

>I did state in my FAFSA that I would be attending school only half-time.
This means that you can only get $2000 per year, NOT per semester from the Pell Grant. If you go full time you can get the full Pell Grant, which current is around 4100 per year.

I am not sure about your WI state grant, but if I had to guess I would say that it probably pays just enough to cover the tutition

Hope that helps ya. Good luck with your education AND STICK TO IT AND SEE IT ALL THE WAY THROUGH.

 

[BlondiePB]

Oh, brother...

HAHA... Those last 2 replies made me laugh...

I just finished my undergrad degree and know about this stuff...

The check will be sent to your university/college and then they will give it to you (or some variation of this)

Did you NOT pick up your check at the financial aid department at the university/college you attended?

Thats GREAT this means the extra grant money can go for whatever educational purpose you need it for then besides books and tutition ( things like transportation, clothes, food, computers, supplies, fees, housing, etc...) but you can not use the extra money for things like investing it into stocks or bonds or anything like that.

The following is from the IRS website regarding taxing on Pell Grants, etc.:

Pell Grants, Supplemental Educational Opportunity Grants, and Grants to States for State Student Incentives. These grants are nontaxable scholarships to the extent used for tuition and course-related expenses during the grant period.


BTW, I have a sister that is a Financial Aid Specialist at a college.

 

[Towtheline]

Oh, sister...

>Did you NOT pick up your check at the financial aid department at the university/college you >attended?

Well at community college, YES i did pick up the PELL grant at the school. BUT at the University I just had it directly deposited to my bank account.

>to the extent used for tuition and course-related expenses during the grant period.
These "expenses" are also called Costs of Attendance"; see this website to verify the text below if you want. http://studentaid.ed.gov/PORTALSWebApp/students/english/aideligibility.jsp?tab=funding
LEAVE THE <on both end of the tag> out if you are going to copy and paste the web address! If you're attending at least half time, your cost of attendance is the sum of * your actual tuition and fees (or the school's average tuition and fees) * the cost of room and board (or living expenses for students who do not contract with the school for room and board) * the cost of books, supplies, transportation, loan fees, and miscellaneous expenses (including a reasonable amount for the documented cost of a personal computer) * an allowance for dependent care * costs related to a disability * reasonable costs for eligible study-abroad program SO like I said you can use your grant money for pretty much anything EXCEPT investing AS for taxes, like Blondie wrote... Pell Grants are non-taxable, and so are student loans. In fact when you are in skool (sic) you also qualify for a tax credit called "HOPE". I never used it because I didn't work while in school and thus never had anything 2 tax in the 1st place. Again. GOOD LUCK in your studies. If I could I would never quit going to school. Its a great time where you will learn how to analyze the world, explore yourself and others, and learn lots of new and exciting things, and so much more. I envy you. :D

 

[BlondiePB]

Well at community college, YES i did pick up the PELL grant at the school. BUT at the University I just had it directly deposited to my bank account.

Okay, that's what the university did where you attended. We do not know if the OP's university/college uses direct deposit.

This...

If you're attending at least half time, your cost of attendance is the sum of
* your actual tuition and fees (or the school's average tuition and fees)
* the cost of room and board (or living expenses for students who do not contract with the school for room and board)
* the cost of books, supplies, transportation, loan fees, and miscellaneous expenses (including a reasonable amount for the documented cost of a personal computer)
* an allowance for dependent care
* costs related to a disability
* reasonable costs for eligible study-abroad program

is much better than this...

...this means the extra grant money can go for whatever educational purpose you need it for then besides books and tutition ( things like transportation, clothes, food, computers, supplies, fees, housing, etc...) but you can not use the extra money for things like investing it into stocks or bonds or anything like that.

 

[Towtheline]

So can you tell I'm a liberal??? haha

 

[evoasis]

fafsa sends you multiple payments, like winning the lotto... as for what you spend it on, that's on you, just don't be caught lyin' about anything dealing with your taxes... you'll get ... well, you know.....

 

[Towtheline]

fafsa sends you multiple payments, like winning the lotto... as for what you spend it on, that's on you, just don't be caught lyin' about anything dealing with your taxes... you'll get ... well, you know.....

WRONG. FAFSA stands for Federal Application For Student Aid. It is a sheet you fill out that determines what aid you are eligible for. The School you attend is what/who gives you the money, NOT FAFSA.