My daughter got an award package from UNC Charlotte three weeks ago that is her college choice with with acceptance of UNC Need -Based Grands. The first package was based on our 2014 tax return with gross income of $ 49.000. Some days ago we got other e-mail with information that PELL Grant was cancel. We called the college and they told that updated FAFSA of 2015 tax return showed we made 10.000 more then 2014. But our 2015 Adjusted Gross Income is $ 46.500, less then in 2014. I am a self employed. What financial information do colleges consider for the grants?
You are self employed? What was your Gross income? What was your AGI?
Also…when you updated the FAFSA with the 2015 info, you should have received a SAR that clear,unstated your EFC. What was that new amount. Pell grants are based on the FAFSA EFC.
Did you put a large sum into a retirement account? If so, how much?
Contributions to retirement accounts are added back in. If you put in $15k into an IRA, 401k or similar, then that would get added to the $46,500 and make your income $10k more than 2014