Everything you need to know about the Federal Pell Grant
The Federal Pell Grant is a form of federal grant that is awarded to students that show a pre-determined amount of financial need. As a college student, you have or will have many expenses. And that’s to be expected. After all, college is expensive and it can be stressful trying to come up with the cash to pay for tuition, books, dorm fees and let’s not forget, food!
Even so, you can pay for everything college related without breaking the bank. That’s because there are plenty of financial aid resources available for students that need it. One of the best ways to do that is with federal grants. The most common grant students receive from the federal government is the Federal Pell Grant
What Is the Federal Pell Grant?
The Federal Pell Grant is typically awarded to students whose families earn less than $40,000 a year. While there may be students that have greater levels of need, students that qualify for the Pell Grant definitely need assistance if they are going to be able to afford college.
What Is The Standard Award Amount?
The maximum award amount changes each year due to budget fluctuations, however, it typically floats around $4,000 a year. This is a sizeable chunk of tuition and can really help to keep your loans much lower. However, the amount you receive may be lower than this because it is calculated based on your actual need and the cost of your tuition. Other factors than can cause your award amount to fluctuate is your status as a part-time or full-time student and if you will be attending school for the full academic year.
Do I Qualify for the Federal Pell Grant?
Determining if you qualify for the Federal Pell Grant is easy on the surface. You must fall beneath their income ceiling and if you do, you should get award money. However, there is a little more that goes into it than that. For instance, you need to determine if you will be a full-time or part-time student. This will affect your award amount.
The majority of the qualification process for the Federal Pell Grant comes down to filling out the right forms at the right time.
How Do I Apply for the Federal Pell Grant?
The most important part of getting a Pell Grant is applying for it. Now, that might seem over simplified, but it’s the truth. You know how much your family makes, so whether or not you qualify, at least on the most basic level, is no mystery. Even so, you will need to fill out the FAFSA. Once you do, you’ll receive your Student Aid Report in the mail, which should detail how much you’re expected to contribute to your college education financially. And in a few more weeks, you’ll receive your award letter, which shows specifically how much of and what type of financial aid you have qualified for. It is in this letter where you’ll see whether or not you’ve qualified for the Federal Pell Grant and how much money you will receive.
The federal government will pay you either directly or through your chosen school. In fact, some of your award may be applied directly to your tuition while the remainder is sent from your school to you by means of a check. Whatever method is employed, just be happy to have qualified. Financial aid is such a necessity this day and age with tuition costs ever on the rise. Do yourself a favor and apply to any and all financial aid that you can.