Is there a tax form that shows Financial Aid refunds?

Question

I am currently going through the process of buying a vehicle. I will need to prove my income when applying for financing. I do not have anyone that will co-sign.

I currently work a part-time job and have pay stubs to provide for that job. My issue is, the yearly income from my PT job is not enough to qualify.

My tuition is very cheap and I live off campus. Due to the cheap tuition, my parents are ok taking out a little more so that I can pay for all of my living expenses during the semester. My financial aid refunds add about $10,000 a year to my income (not taxable).

Is there a tax form or some other document I can provide that includes the refunds I received? My 1098-T does not show my exact refunds.

Anonymous · Answer

Short answer - NO. You cannot qualify for a car loan based on "financial aid refunds", a part-time job and no credit history.

ibu guru · Answer

What about your income tax returns - IF you file your own return & are not included on your parents' return as a dependent.

Anonymous · Answer

A refund is not income.

You need a full time job with income of $2000 a month.  Or $1700 a month if you put $4000 down.

Anonymous · Answer

Yes.....................

D · Answer

The finance department at the car dealership IS NOT going to consider any part of your Student Financial Aid package as income, just as they would not consider a food stamp benefit as income...  (never mind that the use of Student Financial Aid to purchase a vehicle is prohibed).  My advice is to save for a car you can afford to pay for, get a co-signer, or stick to whatever you're using for transportation now.

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Is there a tax form that shows Financial Aid refunds?

5 Answers