I’m an upcoming HS senior, and I’m going to major in finance. I have been reading many books on stocks (and investing in general) and accumulated lots of knowledge, - there is still much for me to learn - and wanted to get my feet wet on investing as soon as i could. I’m sorry to all the taxpayers, be angrier at prisons using your money to attribute to life sentenced criminals’ bulking diets. (Just kidding)
But is this OK legally?
But won’t you need to pay toward your COA with it?
The maximum Pell grant per year is only $5,730. What kind of reliable short-term stock investment is going to be worthwhile to pursue with only $5,730 capital?
Sure. Someone would need to pay your tuition & fees.
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My safety school is UNLV because the in-state tuition is approx 6k, and the gpa req/admission isn’t too competitive so I’m pretty sure I’ll be accepted.
Im retaking the ACT in September and if i score well, I’ll just choose from some automatic full ride scholarship but…
Just in case I go here, I calculated that the Nevada Millenium scholarship will give me 2.5k per year and Pell Grant should be around 5k per year. But they have admissions scholarships that I’m sure most people who go there wouldn’t exactly qualify for… So let’s just say i got another 1k per year and did federal work study while living on campus.
I’m hoping for that to be at least tuition paid off, but I’ll live on or near campus.
Would you say I could count on this plan’s expectations? Really the only guaranteed amount is the 2.5k but I’m pretty sure the pell Grant will be a good amount. I still have to come up with like 15k for the cost of living, so I’m very hopeful that my ACT score is a solid 28-31 lol
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Since you need $15k for your R&B, I think you’ll be using your Pell towards that.
The only full ride scholarship that I’m seeing is the one for NMFs. It doesn’t sound like you’re a possible NMSF.
You will only have Pell money to " invest" if you have a surplus in your bursar account after all of you college billable costs are paid. The Pell is sent to your college, not you.
If you have a surplus, you can request a refund of the surplus only.
Doesn’t sound like you will have a surplus.
thanks for the insight everyone. it obviously isn’t the smartest decision, but I do find that it would be helpful in the long run. Now I have a little better idea of how the finances will work (lol)
@mom2collegekids no I’m not a nmsf but I did have a decently rigorous courseload and good enough unweighted gpa. i just need to retake the act and score high enough to be apply to apply for more than one automatic full rides. im just saying that I will go to unlv if I dont score high enough on the ACT or i get hit by a car and cant go to school senior year or something crazy like that
like university of alabama, you only need a 3.76 gpa unw and a 26 on the act, or north carolina central a 3.5 unw and 29 on the ACT. or a 3.7 and 29 ACT for tuskegee university. a 3.0, top 10% rank, and 30 act at univ of arkansas @ monticello. and theres a few more I potentially could get. just counting on this act prep im doing and i got a decent backup plan with unlv
You are not talking about the University of Alabama. This is Alabama State University. Big difference.
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like university of alabama, you only need a 3.76 gpa unw and a 26 on the act, or north carolina central a 3.5 unw and 29 on the ACT. or a 3.7 and 29 ACT for tuskegee university. a 3.0, top 10% rank, and 30 act at univ of arkansas @ monticello. and theres a few more I potentially could get. just counting on this act prep im doing and i got a decent backup plan with unlv
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That is NOT University of Alabama.
Are you looking for a free ride at OOS Historically Black Colleges and Universities, some of which are mostly commuter schools? If so, fine. If not, then you’ll need other schools.
https://en.m.wikipedia.org/wiki/List_of_historically_black_colleges_and_universities
Check out this list of HBCUs (historically black colleges and universities). If you find one you like that has a full ride for your stats-apply.
Forgive my ignorance, but if you have a full ride somewhere, would you get a Pell Grant on top of that??? I’m not seeing how there is any scenario by which OP would have a surplus of funds available to invest. If you qualify for a Pell Grant, I’m assuming you’d need every penny to fund the education…???
I’ve known students who invested federal loan money, back in the day when investments earned more than the interest rates on the loans.
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but if you have a full ride somewhere, would you get a Pell Grant on top of that
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Yes, because Pell is an entitlement.
However, we don’t know if…
A) He really has a “full ride” that covers the entire COA. His “full ride” might only cover Tuition, Room and Board. If so, then he still has some uncovered COA.
B) If his aid “before Pell” does cover COA, but includes some other fed aid (like Work Study or loans), THOSE will be removed to match the Pell amount.
Edit to add…it appears that his “full rides” are not really full rides. They aren’t covering “personal expenses” and travel…so Pell would cover that.
And if they would be real full rides that covered absolutely everything, he’d end up owing taxes on a bunch of that money, so that expense has to be figured in as well.