This article provides you with the necessary information on how to get a college student stimulus check-in 2023
According to Investopedia, a stimulus check is a check sent to a taxpayer by the United States government. Stimulus checks are intended to revitalize the economy by giving consumers some spending money.
Taxpayers receive this money because it’s intended to boost consumption and drive revenue at retailers and manufacturers, thereby spurring the economy.
An economy badly affected by the Corona Virus Pandemic for the better part of 2020 and 2021 deserves a stimulus package to stimulate the economy and drive growth.
A stimulus check is often part of a larger federal stimulus package such as the Coronavirus Aid, Relief, and Economic Security Act.
President Trump signed this on March 27, 2020, in response to the economic fallout of the COVID-19 pandemic in the United States.
Also, the American Rescue Plan ($1.9 trillion) was signed by President Biden on March 11, 2021, nearly a year after the CARES Act.
Under the CARES Act, college students were not eligible for stimulus checks. However, they became eligible under the American Rescue Plan.
Under the American Rescue Plan, college students may be eligible for up to $1,800 in stimulus funds.
Many college students lost their employment and saw their income drastically reduced, ultimately leading to their inclusion in the scheme.
In this article, we explore ways college students can access their stimulus checks.
College Student Stimulus Check
Since college students, for the most part, were ineligible for the first two stimulus checks because they were dependents 17 years and older, the third stimulus check offers a lifeline.
There are two ways for college students to access the college stimulus checks, namely, Dependent and Independent.
A dependent student claimed by someone on their tax returns makes the ‘claimer’ eligible for a one-time stimulus check of $1,400.
It is worth noting that some members of Congress are actively pursuing a monthly stimulus check of $2,000 monthly until COVID-19 ends.
A person who provides more than half their financial needs is considered independent and is eligible for a third stimulus check.
If you turned 24 in 2020, graduated or started working, and married all in the same year, you would be eligible for a $1,800 stimulus check, usually in two installments, first $1,200 and subsequently $600.
This is possible because of the change in lifestyle in 2020. But that isn’t all that is required to access these stimulus checks; you must earn up to $75,000 as an adult living alone or $150,000 if you cohabit as a couple.
If you earned six figures as a single adult or more than $198,000 as a couple, you become ineligible for the college student stimulus check.
Students who are under the age of 18, who still live with their parents but fend for themselves, and who also earn below $12,400 are eligible for the stimulus check.
Although, they might not get one because the IRS (Internal Revenue Service) has no address to forward the checks to as a result of their inability to file tax returns.
Such individuals should contact the Internal Revenue Service to claim their college student stimulus check.
Changing of Tax Status
A college student who is willing to change his/her tax status becomes eligible for their college student stimulus check, but they must prove that they’re self-sufficient.
Staying on campus and having a job might make it easier to prove as opposed to students who live with their parents.
As a college student, if you have a child, you’re entitled to a $300 monthly stimulus check for kids under the age of six which adds up to about a total of $3,600 per year.
College students with kids above six years old get a monthly stimulus check of $250, which is roughly about $3,000 yearly.
To access your college student stimulus check, you should try to have a sit down with your guardians.
When you apply for the college student stimulus check, you identify as independent, which might make your guardians unable to pay lower taxes in the near future if they do not have a child to claim as a dependent.
You must have this discussion and come to an understanding with them before applying for the college student stimulus check.