IM-#50 July 06, 2009 Exclude as income: Loans or grants to an undergraduate student for educational purposes made or insured under any program administered by the Commissioner of Education. This includes: Basic Educational Opportunity Grants Program (BEOG) Supplemental Educational Opportunity Grants (SEOG) National Direct Student Loans (NDSL) Guaranteed Student Loans, and PELL grants. NOTE: Include as income any of the above available to graduate students for current living expenses (loans, grants, scholarships minus educational expenses). This income is entered as income type ED- Education and Source GI-Graduate Student Income in FAMIS.
Scholarship monies used to pay for education not available for current living expenses. Other loans and grants received by the family. If an individual receives a grant, not available for current living expenses, exclude it as income in preparing the budget. This includes HUD Community Development Block Grants for property rehabilitation. A bona fide loan from any source. A loan is bona fide if supported by a written agreement to repay within a specified time or if received from an individual or establishment engaged in the business of making loans. If neither of the above conditions apply, consider a loan bona fide if the participant acknowledges (either verbally or by a written statement): an obligation to repay (with or without interest), pledge of real or personal property or anticipated income with the intent to repay when funds become available or future anticipated income is received; or a written timetable and plan for repayment.