Will Telling About Bank Balance Affect My Pell Grant Amount?

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Discussion Overview

The discussion revolves around the implications of reporting bank account balances when applying for a Pell Grant. Participants explore how the amount of money in a bank account may affect grant eligibility and the ethical considerations of reporting financial assets accurately.

Discussion Character

  • Debate/contested
  • Exploratory
  • Technical explanation

Main Points Raised

  • One participant expresses concern that a high bank balance could lead to reduced grant amounts, questioning how much it would affect eligibility.
  • Another participant emphasizes the legal obligation to report accurate financial information, suggesting that the initial question of what to do is irrelevant.
  • Several participants propose withdrawing funds temporarily to report a lower balance, suggesting this as a strategy to maximize grant eligibility.
  • There is a discussion about the nature of assets considered in the application, with some asserting that both liquid and non-liquid assets are taken into account.
  • Ethical considerations are raised regarding the consequences of lying on the application, including potential legal repercussions and impacts on future opportunities.
  • Participants discuss the practicality of buying a used car with the available funds, with differing opinions on the feasibility of finding a reliable vehicle within the budget.
  • Concerns about the reliability of public transportation are mentioned, with some participants expressing a preference for personal vehicles over public transit options.

Areas of Agreement / Disagreement

Participants do not reach a consensus on how to handle the reporting of bank balances or the implications of doing so. There are competing views on the best approach to take regarding financial reporting and the ethical considerations involved.

Contextual Notes

Participants express uncertainty about the specific criteria used by the grant application process and the potential consequences of misreporting financial information. There are also varying opinions on the reliability and availability of used cars within the discussed budget.

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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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.
 
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.
 
I believe they ask for assets which include the money regardless of where he has it.
 
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).
 
Yes, they will ask. You can be honest and loose $8,000 or lie and bilk the taxpayers.

Interesting ethical dilemma.
 
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.
 
If you buy a car, problem solved.

You can get a decent used car for $8K.
 
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.
 

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