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Yes, Stimulus Checks are available for college students. There is another Covid-19’s relief too. Here is what one needs to know.
Stimulus Checks, Unemployment Benefits, and Child Tax Credits are examples of financials relief.
These are includes in the latest stimulus package. On March 11, 2021, President Joe Biden signs the $1.9 trillion American Rescue’s Act of 2021. Here is how college students can benefit:
Some college students can get a stimulus check
Do the college students get a stimulus check? The answer is: it depends.
Most college students did not get both; because dependents 17 years and older did not qualify for a stimulus check for the first stimulus check and the second stimulus check.
Moreover, with the third stimulus check, there are two ways that a college student can get a stimulus check.
Dependent: Suppose one is a dependent college student. Meaning someone claims one on their income tax return.
The person who claims one can get up to a one-time amount of $1,400 stimulus check.
At the same time, it is a past stimulus check. Some members of Congress have proposed $2,000 stimulus checks every month until the Covid-19 is over.
Independent: Suppose one is financially independent. Meaning one provides more than half of the financial support. One could qualify for a third stimulus check.
Remember, there is an income new condition to qualify for the third stimulus check. These also apply to the college students:
- Income New Condition:
- Individuals: $75,000
- Head of Household: $112,500
- Married or Joint Filers: $150,000
The stimulus check amount starts to phase out above these amounts. One can track the stimulus check this way.
2. Get unemployment insurance
According to Georgetown University, nearly 70% of full-time undergraduate students have a job simultaneously in college.
Therefore, suppose one is a college student and lost full-time or part-time employment.
Then, one may qualify for unemployment insurance. Unemployment insurance is available even if one gets a stimulus check.
To apply, one should contact the state’s unemployment office to understand the requirements and amount of unemployment insurance.
The American Rescue’s Plan of 2021 also includes the amount of $300 weekly.
Unemployment benefits through the week ending of September 4, 2021.
3. One may get an amount of $300 a month if one has a child
More than 20% of college students have children. Suppose one has children; the stimulus package includes up to $3,600 cash allowance for the children under age six. An amount of $300 checks every month.
There is also an amount of $3,000 cash allowance for the children ages six to seventeen.
They are valuing to an amount of $250 statement every month. The previous child tax credit was an annual benefit of $2,000.
Whereas the new child allowance means one could get a check every month.
At the same time, this plan is temporary under the new stimulus package.
President Joe Biden wants an amount of $300 reviews every month for the children to become permanent.
4. Get the amount of $40 billion of emergency aid from the college
The stimulus package includes $40 billion of financial aid for Colleges and Universities through an extension of the Higher Education Emergency Relief Fund through September 2023.
Congress particularly wants to help the Colleges and Universities struggling financially.
Don’t have a large donation of money or property to a nonprofit organization.
The good news for college students is that colleges must spend at least half of the funds on emergency, other assistance financial aid.
It could include Student Loans, Scholarships, and Grants. For example, to help the students with Tuition and Housing.
5. Get the more financial aid
The Covid-19 pandemic situation has affects not only income. But also Student Loans and Financial aid too.
Suppose the financial problems have changed due to the Covid-19 pandemic.
One can update the gain on the Free Application for Federal Student Aid. Here is how to update the payment:
- Log in to FAFSA at fafsa.ed.gov
- Select the “Make FAFSA Correction”
- Update the income
Similarly, suppose one is paying off the student loans. He enrolls in a monthly student loan payment on a repayment plan.
One should certify the income again. For instance, suppose one has a lower income now due to the Covid-19 pandemic.
One could get a more down monthly student loan payment.
So, it’s essential information on the topic of Stimulus Check is available for College Students.
If Queries or Questions is persisting then, please comment on the viewpoints.