College Life: When a Federal Student Grant (Pell) Must Be Repaid

Son recently received a letter from Wheaton College (Illinois). 

He had to repay his Federal Pell Grant!! 

    😮😕😧😯😐😑😮

With all the political-talk about student debt forgiveness, what the heck was this?!!

Pell Grants do not ever need to be repaid by a college student.  However, there are a few exceptions (there may be others):

When You May Have to Repay a Grant

Here are some examples of why you might have to repay all or part of a federal grant:

• You withdrew early from the program for which the grant was given to you.

• Your enrollment status changed in a way that reduced your eligibility for your grant (for instance, if you switch from full-time enrollment to part-time, your grant amount will be reduced).

• You received outside scholarships or grants that reduced your need for federal student aid.

• You received a TEACH Grant, but you did not meet the requirements of your TEACH Grant service obligation.

Yep, my dear son fell in one of the few cracks regarding this federal grant and was obligated to repay it in full.  I am proud to say that he did it within a few days -- with tears in his eyes, certainly,  but with determination to work harder than ever.  His small treasure trove of hard-earned cash got lessened by 2K, but our estimation of his maturity as a man increased tenfold. I am so very proud of you, my beloved boy ❤💙❤💚  (Repost from May 2021)

This phone call from another college student made me angry 😠 😖 

The integrity of the upright shall guide them: but the perverseness of transgressors shall destroy them.

Proverbs 11

Federal Student Aid

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HENRY: The I am Broke Movement

 

 

D U M B:  Doesn't Understand Money or Business

And he said unto them, Take heed, and beware of covetousness: for a man's life consisteth not in the abundance of the things which he possesseth.

(Luke 12)

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Dave Ramsey Bashes Comedian Steve Harvey

 Happy Birthday, Steve Harvey (January 17th).  I wish you the best, but there is one thing you must retract:

OPM: Other People's Money

👇👇👇

Owe no man any thing, but to love one another: 

for he that loveth another hath fulfilled the law.

(Roman 13)

Comedian, Steve Harvey

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No More Car Loans for Us!

 Slowly, but surely, we are being unshackled from the burden of debt.  We praise the Lord Jesus Christ, first and foremost. 

This will be our last car-loan debt payment in our married life, God willing. Payments in cash 💲only;  and rice-and-beans meals is what we are willing to do in order to reach our financial goals. I know -- easy to say, but hard to do. God help us!

pc: Chris Hogan

The rich ruleth over the poor, and the borrower is servant to the lender.

(Proverbs 22 )

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College Life: When a Federal Student Grant (Pell) Must Be Repaid

Son recently received a letter from Wheaton College (Illinois). 

He had to repay his Federal Pell Grant!! 

    😮😕😧😯😐😑😮

With all the political-talk about student debt forgiveness, what the heck was this?!!

Pell Grants do not ever need to be repaid by a college student.  However, there are a few exceptions (there may be others):

When You May Have to Repay a Grant

Here are some examples of why you might have to repay all or part of a federal grant:

• You withdrew early from the program for which the grant was given to you.

• Your enrollment status changed in a way that reduced your eligibility for your grant (for instance, if you switch from full-time enrollment to part-time, your grant amount will be reduced).

• You received outside scholarships or grants that reduced your need for federal student aid.

• You received a TEACH Grant, but you did not meet the requirements of your TEACH Grant service obligation.

Yep, dear son fell in one of the few cracks regarding this federal grant and was obligated to repay it in full.  I am proud to say that he did it within a few days -- with tears in his eyes, certainly,  but with determination to work harder than ever.  His  small treasure-trove of  hard-earned cash got lessened by 2K; but our estimation of his maturity as a man increased tenfold. I am so very proud of you, my beloved boy ❤💙❤💚

This phone call from another college student made me angry 😠 😖 

The integrity of the upright shall guide them: but the perverseness of transgressors shall destroy them.

Proverbs 11

Federal Student Aid

**

PIF: Paid-off a Large $$$ Loan!

We recently completely paid-off our 401-k loan! We got the loan in Yr 2016; it had a 5-year term; and an interest rate of 4.5% (which was paid back into the account). What a load off of our financial backs 👍❤

The main reason for the loan was a trip to Europe to attend our oldest son's wedding. We went on a trip to Paris afterwards,  and paid for our other son's college tuition. Of course, we  also gave a cash gift to the Bride and Groom.  So, $30K later, the loan is finally paid in full --done and gone, whew! We intend it to be our very last 401-k loan ever, Lord willing. 

PIF. Yay, Praise the Lord!

For the LORD giveth wisdom: 

out of his mouth cometh knowledge

 and understanding.

How Do 401(K) Loans Work?

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Stupid Debt: Over $1 Million in Student Loans

We, the American taxpayers, will ultimately be paying for the above Orthodontist's (federally-guaranteed) loan!

Trouble for Student-loan Program

U S Dept. of Education

Tax Break for Upper Income Grad Students

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Student Loans: Why We Should Care about Debt

Student Loans

Top 4 Expensive Transactions for January

4. Turkey Roll-ups from Costco: $1.50 each  (a tray-ful was over $ 70)!

3. Music Lessons: $ 60/hour (all 6 kids of varying ages + fuel cost; duration 17+ years)

2. Piano Tuning: $ 90/ hour (2x a year for each of 2 pianos; duration 16+ years)

1. Debt owed to late Mom by her former co-worker (an RN married to a CPA) ... interest only pymnts for the past 10+ years...Principal remains untouched... Debtor doesn't remember promises: Grrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr !!!

12.07.04.17