Applied for a pell based on my 2005 tax return/Income drastically dropped during '06 can i reap
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I applied for a pell for the '06 school year. I began classes in oct. 06. Pell was based on 2005 tax return. Our income dropped dramatically between the beginning of the '06 year and the point just before I started school. I had already gotten approved for the pell based on the income tax statments 2005. Based on those amounts, i was to receive approximately 1/3 of the alloted amount for 2006 school year. If I were to receive the entire pell amount, that would mean that much less I would have to pay for with student loans. Question: Can the financial aide officer at the school I am attending reapply for me based on our 2006 income instead of our 2005 tax returns?
Applied for a pell based on my 2005 tax return/Income drastically dropped during '06 can i reapply w/ '06 amt?Talk to your Financial Aid counselor to make sure, but I am 99% sure the answer is no. They use the last year's return to determine this year's aid and they will use this year's income for next year. My sister is going through the same thing. She made more last year because of a lump sum she received but they still made their decision on the taxes.
Applied for a pell based on my 2005 tax return/Income drastically dropped during '06 can i reapply w/ '06 amt?no. your financial aid is always based on the previous years income. your decreased income of last year will apply to the coming school year.
Applied for a pell based on my 2005 tax return/Income drastically dropped during '06 can i reapply w/ '06 amt?If your income from 2005 is drastically different than 2006 you can do a professional judgement called an Income Reduction form at your school. The F.A. Office should re-evaulate your income and instead of reapplying they will input your new income information on the old application and tag it as a professional judgement. Ultimately though you should check with your Financial Aid office.
Federal Student Aid Handbook refer to the Professional Judgement section
http://www.ifap.ed.gov/sfahandbooks/atta...
Applied for a pell based on my 2005 tax return/Income drastically dropped during '06 can i reapply w/ '06 amt?ask financial aid for an income reduction application
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