Federal Pell Grant
Although student loans are readily available from both private and federal sources, they’ve to be eventually paid back; also, the repayment amount is always more than the borrowed amount due to the accrued interest. So, it’s no surprise that grants are easily the most sought after form of financial aid as you don’t have to return them; they’re a gift aid. Federal Pell Grant is one of the most well known programs in the genre of student grants.
About Federal Pell Grant:
The Federal Pell Grant program has been especially developed for college going students facing extreme difficulty in finding the required finances for paying for their education expenses. The government provides the money to the numerous educational institutions participating in its federal aid program. This money is disbursed to the low-income students approved for the grant by the college; either they’re paid the money directly or the college uses the money to pay for their education expenses on their behalf.
Applying for Federal Pell Grant:
Like other forms of federal aid program, applying for the Federal Pell Grant program also requires the submission of the Free Application for Federal Student Aid (FAFSA). Make sure to be prompt in your submission so that your FAFSA is processed as soon as possible. Also, try to do it online; the sophisticated form submission system removes the chance of careless mistakes.
You’re eligible for the Federal Pell Grant if you’re:
- A U.S. citizen or U.S. permanent resident
- An undergraduate student (Pell Grant is not normally given to post baccalaureate students)
Points to Remember:
- The Federal Pell Grant has an upper limit of $5,550.
- The decision for awarding Federal Pell Grant along with its specific amount is the prerogative of the financial aid office of your educational institution. They’ll consider your Student Aid Report (SAR) sent by the government after analyzing your FAFSA in making their decision besides other factors such as your student status: part time or full time.
- You’ve to reapply each year by submitting the FAFSA so that the government can reevaluate your financial situation; moreover, you can only receive the Federal Pell Grant for 12 semesters or equivalent of your college education.