When anyone thinks about the most sought-after federal financial aid, the best candidate for the award is always the Federal Pell Grant*. The two things that make this financial assistance stand out amongst the others are the number of beneficiaries and the high amount of money awarded.
Pell Grants range from a few hundred to a few thousand dollars, depending on your qualifications. Furthermore, there is no binding on the number of students that can avail the grant. As long as you fulfilled the requirements of the grant, you fall under the line of the eligible candidates for the aid.
About Pell Grants
A Pell Grant is financial aid targeted towards students who need it according to their specific information gathered through the Federal Student Aid Form.
Pell Grants are made available to the students who meet the following requirements:
- Current undergraduate student: Typically, financial assistance requires the student to be an undergraduate to be awarded the grant. However, there is an exception for those who took admission in the Post-Baccalaureate Teacher Certification Program.
- Income Criteria: The students are required to provide accurate information along with relevant documents regarding the income of the family to avail the aid. The information provided by the students is then further verified by the school administration.
Uses of the Pell Grant
The money received from the grants can be utilized to bear any education costs including tuition fees, transportation expenses, and board fees.
The application process is simple, all you need is to fill the FAFSA form providing all the details regarding your and family income, assets and expenditures. This information is then used to calculate just how much money eligible students receive.
Up to $6,495 in Pell Grants
The amount of money awarded to each person varies from student to student. The factors which impact this calculated result include:
- Financial state
- Student status (Full Time or Part Time)
- Period of study
- Attendance costs
Students can receive up to $6,495 in Pell grants each year, and it may increase as well.
How to Receive Pell Grant?
After being granted financial aid, you will be awarded in one of three ways:
- The funds can be transferred to your account balance, and from there all the costs are deducted (including tuition, school fees, and lodging).
- The money can be transferred directly to your bank account.
- The school deducts only the tuition costs and pays the remaining part to the student. (Applies to off-campus students)
Pell Grants are the best-known methods to pay for your tuition fees. However, to take advantage of the opportunity, you have to complete the FAFSA form. If you fail to fill out and submit the form your school will never be able to apply you for financial assistance.
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