There is a lot of confusion about who is eligible for a stimulus check. A majority of college students did not qualify for past rounds of stimulus checks. The new Covid-19 relief package does include aid for college students and other adult dependents. However, there are still some hurdles to go through before the money is in your pocket.
President Biden signed the American Rescue Act of 2021 on March 11th according to Forbes. The rescue package comes with a price tag of $1.9 trillion and includes the stimulus check, unemployment benefits, and child tax credits.
In order to qualify for the next round of stimulus checks you must either be a dependent of someone who makes less than $75,000 a year or be an independent. If you are a qualifying dependent, your stimulus check will be sent to the person who claimed you on their taxes.
How do you know if you are a dependent or independent? You are independent if you pay more than 50% of your expenses. This means that you pay for expenses such as rent or mortgage, food, car, insurance, etc. A dependent is someone who does not pay more than 50% of their own expenses.
It is also important to know that being a dependent/independent on taxes is not related to filing FASFA. The new aid package also includes $40 billion in emergency relief to colleges and universities. In order to receive aid, the schools must spend at least half on student relief. This could include need-based aid to students, student loans, scholarships, and grants.
If your income has changed, you can now sign into FASFA and make an income adjustment and possibly receive more financial aid. Also, student loan repayment plans are able to be adjusted to account for possible income reduction due to Covid-19.
Erin Henkel - News and Politics Editor