Sometimes students find help in filling the Student Loan Application. They usually ask what information is necessary, which should be include in the application form? How they can get the full benefits of Student Loan or Pell Grant? Should i write social security benefits on Pell Grant Application or is it optional? And what to do if your application was denied?
The answer of your Pell Grant or Student Loan Question regarding information to be included in the form is here. When you are filling the student loan form or submitting application, you must follow the FAFSA rules and regulations to provide all the required information. It also includes untaxed social security benefits, and you must go through the untaxed income to provide all the correct information.
According to the instructions if you re receiving the benefits from the social security and they are not taxable, then there is no need to include the information on the student loan application form. On other hand, if these social security benefits are taxable, then you must include them in the Pell Grants or FAFSA form in the required section. You should have a SSA-1099 form, which can tell you about the social security benefits for the full year. There is another fact if you have no any other source of income, and your income totally relies on the social security benefits. Your income is exempt from tax and you should not include the information on student loan application form.
You can also calculate how much of your income from benefits from social security is taxable by adding half of your total social security benefits to other income you are getting from any other source for the whole year. Then you should consider the total, if it increases from $32,000 for married person and $25,000 for single person, then some of your income is taxable, and you should provide the information in student loan application.
According to my personal point of view, when you are filling the social security benefits in the student loan application form, you must consult first with your tax lawyer, as he can give you some good advice. You should also check the IRS for the current and quick assessment of your taxable income.