Pell Grants are considered financial aid that can cover college expenses if you qualify for them. Pell Grants can help cover college costs if you meet the required criteria.
What is a Pell Grant?
A Pell Grant is a financial gift provided by the federal government through the federal Pell Grant program. This program helps millions of students afford higher education annually. In 2021, 6.2 million students received Pell Grants. In 2020, the number of students was 6.7 million.
Eligibility for a Pell Grant
Pell Grants are a significant aid for college students, but students must meet certain criteria to receive them. First, Pell Grants are awarded only to undergraduate students and students enrolled in certified post-bachelor’s degree certificate programs. Graduate students are not eligible for Pell Grants. You will also need to meet other general requirements for federal student financial aid, including maintaining satisfactory academic progress according to the school you attend.
How to Apply
Visit the FAFSA.ed.gov website to create an FSA ID account (if you do not already have one) and complete the FAFSA application online. If you prefer to submit the application by mail, you can print the application from the FAFSA website or request a copy from your guidance counselor or financial aid officer. If you are under 24 and considered a dependent on the FAFSA, your parents must complete part of the application and provide their financial information.
Using Pell Grant Funds
Your college uses your FAFSA information to prepare a student aid letter or financial aid package, which outlines the types of aid and amounts awarded to you. If you qualify for a Pell Grant, it should be included. The final step is to follow your college’s instructions to accept the aid.
Pell Grant Limitations
If you are receiving Pell Grants, use them wisely and make sure to maintain your eligibility for future aid. One requirement for financial aid is to maintain satisfactory academic progress, which is determined by your school. If your progress is not deemed satisfactory (if you fail several classes, for example), you may lose financial aid funds, including the Pell Grant for which you were qualified. Since you can only receive up to 12 semesters or six years of Pell Grants, keeping your studies on track will ensure that you finish your degree before becoming ineligible for more Pell Grants.
Other Funding Options
There are other options to help you pay for school if grants do not cover the full cost or if you do not qualify for a Pell Grant. Apply for federal work-study programs; check student financial aid or state student loan programs; look for scholarships offered by your college and private scholarships; get a part-time job to help cover some of your expenses; consider supplementing financial aid with student loans.
Frequently Asked Questions (FAQs)
Do I have to repay a Pell Grant?
As long as you remain enrolled and continue to make progress, you will not have to repay a Pell Grant. However, if you withdraw from your academic program, change from full-time to part-time enrollment, or receive scholarships or other funding that alters your financial eligibility for the grant, or for other reasons, you may have to repay the Pell Grant.
What makes me eligible for a Pell Grant?
Eligibility for Pell Grants is determined by several factors, including financial need…
Pell grants are need-based grants. Generally, if your FAFSA application shows that the cost of attending the school you chose is greater than your family’s expected financial contribution, there is financial need. You must also be an undergraduate student and must not have already received a professional degree.
Source: https://www.thebalancemoney.com/should-i-apply-for-a-pell-grant-2386206
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