Will Telling About Bank Balance Affect My Pell Grant Amount?

  • Thread starter leroyjenkens
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In summary, the conversation was about how the person should report their bank account information when applying for a pell grant and how it may affect the amount of money they receive. Some suggested withdrawing the money, while others mentioned the ethical dilemma of lying about their assets. The person also discussed their need for a new car and their struggles with finding a good used car within their budget. Some suggested using public transportation instead.
  • #1
leroyjenkens
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I was just about to apply for my pell grant and it wanted me to tell them how much I have in my bank account. How much will that affect how much money I get from the grant? Does anyone know? If I have a lot, like 10 thousand, will that make me get a lot less, or none? Or if I have under 2 thousand, will they give me the same amount I got last time I applied (last time I applied, they didn't force me to tell them how much I have in my bank account)?

I have about 8 thousand in my bank account. I'm afraid if I tell them that, they'll think "well this guy doesn't need any help, he can pay for it on his own". But right now I'm having to use my mom's old junk car to get everywhere and I need to use that money to buy a new car, so I won't have it to use for school. What should I do? Should I put how much money I think I'll have after I get the car? But if I do that, is there any way for them to check my account and see that I lied about how much is currently in there?
 
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  • #2
You are legally obligated to report accurately how much money you have in your bank account if you want a government grant. The question "what should I do?" is therefore meaningless.
 
  • #3
Pull the money out. Then you can be truthful on the application when you say $400. I would not keep more than that while you are applying. After you get the grant, deposit the money back into the bank. Prepare to do it again next year.

Arrange for a good hiding place for the cash while it's not in the bank.
 
  • #4
I believe they ask for assets which include the money regardless of where he has it.
 
  • #5
Antiphon said:
Pull the money out. Then you can be truthful on the application when you say $400. I would not keep more than that while you are applying. After you get the grant, deposit the money back into the bank. Prepare to do it again next year.

Arrange for a good hiding place for the cash while it's not in the bank.
They aren't as stupid as you might think they are, therefore for many government grants, subsidies etc. you will need to report not only your current assets, but assests for at least a couple of months (it depends on each grant's conditions, in my experience it can be up to a year).
 
  • #6
Yes, they will ask. You can be honest and loose $8,000 or lie and bilk the taxpayers.

Interesting ethical dilemma.
 
  • #7
It's not worth being charged and thrown in jail. Not only would that screw up your academic future, but also you'd have to note that on all employment applications. It's not worth it. The bank will report that you took out eight grand if they're asked, which they probably will be.
 
  • #8
If you buy a car, problem solved.

You can get a decent used car for $8K.
 
  • #9
Not really. As someone mentioned before, they take into account your assets as well as the money you have. So it wouldn't make much of a difference.
 
  • #10
hadsed said:
Not really. As someone mentioned before, they take into account your assets as well as the money you have. So it wouldn't make much of a difference.

I think it would make a difference - liquid versus non-liquid.
 
  • #11
I think Shackle had solved this thread.
 
  • #12
I've been trying to find a good used car, but I don't want something that will break down 6 months after I buy it. The car I currently have may break down any day. I guess I'll just have to report it correctly and hope I can still get enough to afford school next year.
 
  • #13
leroyjenkens said:
I've been trying to find a good used car, but I don't want something that will break down 6 months after I buy it. The car I currently have may break down any day. I guess I'll just have to report it correctly and hope I can still get enough to afford school next year.

If you can't find a decent car for $8K, then you don't know what you're doing. Find someone who does to help you.
 
  • #14
Shackleford said:
If you can't find a decent car for $8K, then you don't know what you're doing. Find someone who does to help you.

Every one I find has nearly 100 thousand miles on it. I don't know much about cars, but I've looked online for what I need to look for when buying a car.
I would try to finance a car but I don't have any credit.
 
  • #15
leroyjenkens said:
Every one I find has nearly 100 thousand miles on it. I don't know much about cars, but I've looked online for what I need to look for when buying a car.
I would try to finance a car but I don't have any credit.

Well, what kind of car will determine the price range and mileage. Honestly, now days, 200K miles is the old 100K miles - meaning if you take care of a car (reasonable routine maintenance), you can get 200K miles out of it. I would first look on Craigslist for the car you want. Private party sales are always more affordable.
 
  • #16
What's wrong with taking public transit?
 
  • #17
General_Sax said:
What's wrong with taking public transit?

Homer Simpson: "Public transportation is for jerks and lesbians."

Personally, I like the freedom. I couldn't stand being a slave to public transportation.
 
Last edited:
  • #18
Yea I'd personally hate to be shackled to a ford. Wouldn't want to feel like a slave
 
  • #19
Public transit simply takes longer.
 

1. Will disclosing my bank balance affect my eligibility for a Pell Grant?

Yes, your bank balance can potentially impact your eligibility for a Pell Grant. The Pell Grant is a need-based financial aid program, and your financial need is determined by your Expected Family Contribution (EFC). Your EFC is calculated based on your family's income, assets, and other factors, including your bank balance. If your bank balance is high, it may indicate that you have enough resources to pay for your education, and therefore your EFC may be higher, making you ineligible for a Pell Grant.

2. How much bank balance is considered too high for a Pell Grant?

There is no specific amount of bank balance that automatically makes you ineligible for a Pell Grant. Your eligibility is determined by your EFC, which takes into account various factors, not just your bank balance. However, a higher bank balance may increase your EFC and decrease your chances of receiving a Pell Grant. It is important to note that there is no set limit for bank balance, and each case is evaluated individually.

3. Will the bank balance of my parents or guardians affect my Pell Grant eligibility?

Yes, your parents' or guardians' bank balance may also be taken into consideration when determining your Pell Grant eligibility. The financial information of both students and parents is used to calculate the EFC. Therefore, if your parents have a high bank balance, it could potentially impact your eligibility for a Pell Grant.

4. Can I hide my bank balance to increase my chances of receiving a Pell Grant?

No, it is not advisable to hide or falsify your financial information in order to increase your chances of receiving a Pell Grant. This is considered fraud and can result in serious consequences, including fines and imprisonment. It is important to be honest and accurate when reporting your financial information, as it is verified by the government and any discrepancies can be easily detected.

5. Are there any exceptions for bank balance affecting Pell Grant eligibility?

Yes, there are some exceptions to the bank balance affecting Pell Grant eligibility. If you or your family have experienced a significant change in financial circumstances, such as job loss or medical expenses, you can appeal for a professional judgment review. This allows you to provide additional information for consideration, and your EFC may be adjusted accordingly. It is best to consult with your school's financial aid office for more information on the appeals process.

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