i am planning on applying for accelerated nursing programs this year...possibly fall 2011 or spring 2012 program start.
would it be a good idea to put 50% of my paycheck into 401K to lower my income. my current annual salary is about 60K gross. This way i might be able to get more grants and scholarships? or would it be futile since schools would probably look at my 2010 tax return? i also have a some money in brokerage accounts; should i move them out of my accounts as soon as possible?
in a nutshell, what kind of financial aid is out there for ppl like me. Like everyone else , i want to minimize my cost of school, with scholarships, grants, or even loans which can be forgiven under some contract.
BTW i am planning on applying to schools around the NYC area.
i am planning on applying for accelerated nursing programs this year...possibly fall 2011 or spring 2012 program start.
would it be a good idea to put 50% of my paycheck into 401K to lower my income. my current annual salary is about 60K gross. This way i might be able to get more grants and scholarships? or would it be futile since schools would probably look at my 2010 tax return? i also have a some money in brokerage accounts; should i move them out of my accounts as soon as possible?
Putting money in your 401k does not change the fact that you earned $60k.
Also, you are trying to trick the system. That is your intent. In no way are you doing this for "financial planning." No reason to lie. Your comments above make your intentions clear. There are people out there who really need these grants in order to go to school. Many people cannot go to school without them. You do not need them. I understand the desire to have them because yes it would be nice to spend as little as possible on school. I personally couldn't think about what you are wanting to do as all I would be able to think about is how I may be taking from someone who needs it more than me. I don't want to be responsible for another person not being able to accomplish a dream.
BTW- My husband and I make a combined income of $35k and we only qualify for a $500 grant each per year.
sorry, im not understanding ??? my username, the "d" stands for the last letter of my first name, "00" is the 2nd and 3rd digit of my social, then "d00" is repeated because people think I am slightly OCD where i sometimes say things twice twice. "butter" because when i was 13 years old and eating at IHOP, it saved my life because i was choking on a pancake, so serious that i started seeing black circles and my mom shoved some butter down my throat to lubricate it down, so i am forever indebted to butter and make sure i always have it stocked in my fridge. without butter i would not be standing here today
Specializes in Medical Surgical/Addiction/Mental Health.
Since you mentioned an accelerated program, do you already have an undergraduate degree? If so, regardless of your income, you will not qualify for any federal or state grants as those grants are distributed to those who have yet to earn their first Bachelor’s degree. There are other private grants through different foundations for which you could apply. Each has their own set of requirements. Something to consider is research HRSA for nursing student loan forgiveness. You take out loans to pay for school, work at a facility on their list, then get a maximum of 85% of the funds to pay back your loans (they take out federal taxes too, so technically you don’t see the entire amount).
Other than that, I don’t have any other suggestions. If you do not have your first Bachelor’s degree, you still will not quality for the maximum grant amount. Even if you put 30K per year into your 401k (which exceeds the yearly maximum), you will be left with an AGI of 30K, which will still put you out of getting the grants.
happy2learn
1,118 Posts
Putting money in your 401k does not change the fact that you earned $60k.
Also, you are trying to trick the system. That is your intent. In no way are you doing this for "financial planning." No reason to lie. Your comments above make your intentions clear. There are people out there who really need these grants in order to go to school. Many people cannot go to school without them. You do not need them. I understand the desire to have them because yes it would be nice to spend as little as possible on school. I personally couldn't think about what you are wanting to do as all I would be able to think about is how I may be taking from someone who needs it more than me. I don't want to be responsible for another person not being able to accomplish a dream.
BTW- My husband and I make a combined income of $35k and we only qualify for a $500 grant each per year.