One of the most popular and highly sought after educational grant are Pell grants. It’s a school grant in the truest sense because the money does not have to be paid back making it much more attractive to students than a private student loan. In order to see if you are eligible for a student Pell grant you need to complete a FAFSA form which can be filled out and easily submitted online.
Here is the FAFSA link.
Make sure you read the Free Application for Federal Student Aid guide for directions on how to complete the FAFSA form correctly. If you fill out the form badly it could cost you dearly as you won’t receive any funding.
The Department of Education will review your submitted FAFSA form and make a judgement on your eligibly for financial aid. This is based in no small part upon your families ability to help pay for your college education which is referred to as your EFC (Expected Family Contribution). Your EFC will be calculated and this will go a long way in deciding if you’re eligible for a Pell grant or not.
As a general rule, if your total family household income is below $50,000 a year then it’s definitely worthwhile applying for a Federal Pell grant. If your family income is very low (less than $20k a year) then you’ll more than likely get the full Pell grant award.
In order to apply for a Pell college grant you must be an American citizen or in possession of an I-551C card as a conditional alien. Other important documents include an Arrival Departure Record I-94.
The Application Process For Pell Grants
Students in receipt of a Pell grant must reapply each year they attend post-secondary level education in order to continue receiving aid. This is normally quite easy to do simply by renewing your FAFSA form. It’s important to note that the amount you are awarded in each from this school grant is variable and may change depending upon how your families income has changed.
There are around 5,500 schools and educational institutions currently participating in the Federal Pell grant program and to be eligible for a Pell grant you must be applying to attend one of these schools. It should also be noted however that there are also online and vocational universities which qualify for Pell grants.
Some students make the wise decision to consult with a professional before they apply for these kinds of post-secondary grants and to repeat the consultation before each renewal. Normally the larger universities will employ a dedicated person to handle these kinds of student issues. Filling out the form correctly will maximize your chances of receiving the most financial aid possible each year you attend college.
As we all know, college tuition has become prohibitively expensive with many people now unable to meet the costs of even a single years tuition. Therefore, it’s very important that you take full advantage of all the financial aid out there as if you don’t then someone else will.
The real key is to combine things like Pell grants with other scholarships you may be eligible for. Don’t just go after one, apply for a number of them and together you’ll be surprised at how they can add up. As a final resort you can also apply for low interest rate student loans issued by the federal government. Use your guidance counselor or local chamber or commerce for specific advice relating to your situation.
Don’t be discouraged if you are denied a Pell grant for your first year in college. Keep applying each year you are in college as either a full or part-time student. Financial situations change and you may find yourself still being accepted even through it’s your second or third year in college.
After all, Pell grants are there to help struggling students pay for a college education and who wouldn’t want to shave thousands of their college fees?