Is there a Stimulus Check for College Student? This has been on the mind of most college students. College student eligibility on the stimulus check grant is based on their situations as dependent or independent individuals. There are certain criteria an eligible college student has to meet to be considered eligible for the stimulus check. In this article, I will be discussing more of how a college student can be eligible and be granted the second stimulus check.
Stimulus Check for College Student
Traditional college students have been caught in a catch-22 situation. College students are ineligible for the $1,200 recovery rebate checks themselves. And also, their parents cannot claim the $500 child recovery rebate for them as a qualifying child.
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What is Recovery Rebate
The recovery rebate was created by the Coronavirus Aid, relief, and Economic Security Act (CARES Act). It was established to provide a stimulus check to the United States citizens. And permanent residents who have a work-eligible social security number (SSN), and are actively up to date on their tax return.
The eligible individuals will be granted a $1,200 check as an individual and a $2,400 grant for married couples filing joint returns. Additionally, $500 for each qualifying child in a household.
Also, to be eligible, there is a household income phaseout which states a qualified beneficiary must not be earning over $75000 as an individual and $112,500 as a household. While $150,000 as married couples who are filing jointly. The recovery rebate was reduced by 5% of income over these qualification thresholds. But the $500 per qualified child was not reduced.
Why Don’t College Students Qualify for the $1,200 Stimulus Check?
College students who are seen as dependent individuals on someone else’s federal income tax return are not eligible for the stimulus check.
A student under the age of 24 can be claimed as a dependent individual on someone else’s income tax return. Even if a college student’s family does not claim them to be dependent, they are still not considered eligible for the stimulus check.
So, for a college student to be seen as eligible for the stimulus check grant, he/she must be seen, with proof of independence.
Are there any Exceptions?
Though, there are only a few considered terms via which a college student might be seen eligible to be granted the stimulus check package. These reasons include:
- The college student must be age 24 or older.
- If he/she is married and files a joint tax return with their spouse.
- Provision of more than half of their own financial support by the college student.
- And if the college student does not live in the family home for more than half a year. Also, temporary absences for education still counts as though the student is still living with his family.
If a college student is ineligible for the $1,200 stimulus check, his/her parents can then claim the qualifying child grant of $500. But, before they do, a qualifying child is referred to as a child who is under the age of 17. And less than 0.1% of undergraduate students are of age 16 or younger.
Default borrowers on the federal student loans will still receive the stimulus check grant. This is due to the CARES Act which has stopped the use of the Treasury Offset Program (TOP). To intercept the stimulus check grant on default borrowers.
CARES Act established a two type of emergency financial aid grant for college students affected by the coronavirus pandemic:
The first is based on the Federal Supplementary Educational Opportunity Grant (FSEOG), while the other is based on the new Higher Education Emergency Relief Fund (HEERF).
CARES Act also established a payment pause and interest waiver for federal college students. And aren’t loans held by the United States Department of Education. This act is to save and aid borrowers hundreds of dollars in interest, depending on the amount they owe. This payment pauses and interest waiver were effective from the first stimulus check grant on March 13th, 2020 through September 30th, 2020.
For more information then visit https://www.cnbc.com/
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