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Bona fide loans and grants, except that part of a grant designated for living expenses or child care, is an income exclusion.
Any grant or loan to a student for educational purposes made or insured under any program administered by the Commissioner of Education under the Higher Education Act is excluded. These programs of student assistance include:
Basic Educational Opportunity Grants;
Supplemental Educational Opportunity Grants;
The College Work Study Program;
National Direct Student Loans; and
Guaranteed Student Loans.