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The GMS scholarship requires that scholars be and remain Pell Grant (a federal grant) eligible. Pell Grant eligibility is determined by the EFC (expected family contribution) as calculated by the info on your FAFSA. This year's Pell Grant cut off was around 4000 dollars, a bit more but I don't recall the exact value.
I don't know what that translates as in terms of an annual income, but I would suggest using a couple EFC calculators that are available online to approximate what your EFC would be. They aren't 100% accurate because they aren't very specific, but it'll give you an approximate idea. If you're considerably over, then it probably wouldn't make sense to spend time on a scholarship you're ineligible for, but if you're safely under, then go for it.
If you happen to be right around the EFC cut-off and you really aren't sure if you'll count or not, I guess you could always wait until the next FAFSA form is released on 1/1/09...fill it out ASAP, and if you get the EFC green light, then complete your GMS online application before the online deadline of mid-January. I wouldn't recommend this unless you really feel that you might just miss the cut off for Pell Grants. Don't forget that you need a Nominator and a Recommender, so it's not an easy scholarship to do on a time crunch.
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