Do you get to keep unused Pell Grant money?
If you have money left over from your Pell Grant, you can ask the school to hold the funds for you, or you can receive the remaining amount as a refund. Pell Grants go toward education expenses, except student loan expenses. After the add/drop period to ensure only enrolled students receive money.
Do you pay taxes on Pell Grants?
Any portion of your Pell grant that is not spent on qualified education expenses is required to be reported as income on your tax return. If you use your Pell grant to pay for room and board charges, or to travel to your permanent home on weekends or holidays, then the amount will be considered taxable income.
What happens if you fill out fafsa wrong?
If you think you filed a Free Application for Federal Student Aid (FAFSA®) form for the wrong year, contact your school’s financial aid office and confirm what year you need to file for. If you filed for the wrong year, then you’ll need to submit a new FAFSA form for the correct award year to be eligible for aid.
What triggers fafsa verification?
Why you could be selected for FAFSA verification The information you are asked to verify may include any number of items, including household size, adjusted gross income and taxes paid. If you need to verify your information, a notice will appear on your Student Aid Report, which summarizes your FAFSA submission.
What happens to your financial aid if you are selected for verification?
Verification is the process your school uses to confirm that the data reported on your FAFSA form is accurate. If you’re selected for verification, your school will request additional documentation that supports the information you reported.
How do I verify my financial aid?
To complete FAFSA verification, families may be asked by a college financial aid office to send federal tax return transcripts. Families may also submit a signed copy of the necessary income tax return. Colleges may request proof of income, siblings’ college registration forms or other supporting documentation.
