How do I report taxable income from financial aid?

Does a single independent student that is disabled with no children need to report their SSD income on the fafsa,if so what line? Will the amount of SSD(under 9,000anually)increase the EFC of the student? Will financial aid received decrease SSD payments?

  • Answer:

    Yes you do it is considered normal income. It is suppose to even be reported on taxes. If you make under 9000 you should qualify for pell grant and have an efc close to zero unless you are getting support from somewhere else which you also have to report. It give really good step by step instructions on the fasfa website. No financial aid is only used to pay for school and will not effect SSD payments however you do have to report whatever aide you do recieve as income for the fasfa next year unless your expenses excede you grants.

Anonymous at Answerbag.com Visit the source

Was this solution helpful to you?

Just Added Q & A:

Find solution

For every problem there is a solution! Proved by Solucija.

  • Got an issue and looking for advice?

  • Ask Solucija to search every corner of the Web for help.

  • Get workable solutions and helpful tips in a moment.

Just ask Solucija about an issue you face and immediately get a list of ready solutions, answers and tips from other Internet users. We always provide the most suitable and complete answer to your question at the top, along with a few good alternatives below.