My husband and I have two children. We made a combined income of 77,290.00. I am currently attending graduate school.
Answer:
Financial eligibility for a Pell grant mostly depends on a formula which assigns each student an EFC (expected family contribution) number. This number is based on income and assets for both the student and parents (if the student is dependent).
The information you gave is not complete enough for me to give you an accurate answer. For instance, part of the formula includes a state tax allowance (a percentage of your income which is subtracted from your total income). This can be anywhere from 1% to 10%, depending on where you live and what your income is.
Another factor is nontaxable income (which is added to your taxable income). There is an asset and educational savings protection allowance, but I do not know how much to calculate. Your figure of $77,000 is only useful if that is your Adjusted Gross Income (AGI)- if you are tax filers, or combined income if you do not file.
Too many of your financial details are missing for me to give a you a "yes" or "no" answer. One thing I can tell you, is that your attendance at grad school will not be counted in your daughter's EFC. Only a sibling can be used as another person in the household attending college.
If you want to calculate your daughter's EFC, the formulas are here. A student can only receive a Pell grant award with an EFC of 5273 or below, and the size of the award also depends on enrollment status and the student's cost of attendance. Good luck!
