A Pell Grant is basically a subsidy that the U.S. federal government offers to students who are in need to pay for their college. Unlike marketing ploys that are present all over these days, Pell Grants are a genuine and very real way to get federal money for college that you usually don’t have to pay back.
On the other hand, Federal Pell Grants are limited to students with financial need, who have not earned their first bachelor’s degree, or else the ones who are enrolled in certain post-baccalaureate programs, through taking part in institutions.
Talking about its name, Pell Grant is basically named after Democratic U.S. Senator Claiborne Pell of Rhode Island, as well as it was originally known as the Basic Educational Opportunity Grant.
In general, a Pell Grant is considered to be the foundation of a student’s financial aid package, to which additional forms of aid are then further added.
Today, with the help of this article we are going to talk about Pell Grants, if you want to know more about it then read the following post completely. So, without wasting any time let’s get started….
About the Federal Pell Grant
Administered by the United States Department of Education, the Federal Pell Grant program helps in determining the student’s financial need and through it, the student’s Pell eligibility.
The U.S. Department of Education, on the other hand, uses a standard formula in order to evaluate financial information that has been reported on the Free Application for Federal Student Aid (FAFSA) for determining the expected family contribution (EFC) of the students.
The Pell Grant is basically a need-based financial aid program from the federal government that is established in order to help undergraduates from low-income families afford college.
On the other hand, the Grants don’t require you to pay any money back as well as don’t carry interest, unlike other loans. Here your eligibility and the amount you receive are determined by your financial need that is based on information that you provided in the Free Application for Federal Student Aid, which is more commonly known as the FAFSA.
The federal government also changes the maximum award amount every single year. For the years 2019-20, the maximum award is $6,195, $100 more than in 2018-19. All the eligible students receive at least 10% of the maximum award amount for the year depending on their financial need.
In addition to that, Pell-eligible students can also receive up to 150% of their scheduled awards every year. That comprises of summer semesters, which may help students in financial need in order to finish their degree as soon as possible.
Few Facts about Federal Pell Grant
Here below is few Facts about Federal Pell Grants:
- Federal Pell Grant is the largest source of federally funded Grants.
- It is awarded solely based on your financial Need (academic grades or extra circular activities are not the factors)
- In order to be eligible to receive the Federal Pell Grant, You must need General federal student aid.
- The maximum Pell Grant award for the academic year 2020-21 is $6,345.
- In Order to Check the Status of Your Pell Grant eligibility, You are able to check the Status of Your FAFSA by Logging into Your Account on FAFSA.gov.
- The Application Process for the Federal Pell Grant is the same as any Federal financial aid process and You need to complete the FAFSA.
- The US Department of Education determines Federal Pell Grant eligibility based on Your Answers on FAFSA.
- After You fill out Your FAFSA, You will receive financial aid offers from the colleges to which you applied and have been accepted.
What Are the Criteria for Pell Grant?
In order to be eligible for a Federal Pell Grant, you must be a U.S. citizen currently or soon to be enrolled as an undergraduate or vocational student enrolled or accepted for enrollment in a participating school.
There are also certain postbaccalaureate students in a teacher certification program, who might also be eligible for this grant. If you’ve already earned a bachelor’s degree or any professional degree, then you can’t get a Pell Grant in order to pursue another bachelor’s.
On the other hand, Pell Grants are also available to students enrolled in post-baccalaureate programs in order to become teachers.
One must also take note that you can only receive funding from one school at a time, so in case if you’re dually enrolled, then you’ll qualify for funding in order to attend one of them.
A student may be paid Federal Pell Grant funds in order to study at a foreign school only if the assignments are part of an eligible program at an eligible U.S. school.
Eligibility Criteria for Pell Grant
In order to qualify for Pell Grant, you must be eligible for the grant as which has been decided by the federal government. Here are some of those:
- Must be a U.S. citizen or eligible noncitizen
- The candidate must have a high school diploma, GED certificate, or equivalent
- The student must maintain satisfactory academic progress in their college or career school
- Be enrolled or accepted for enrollment as a regular student in an eligible degree or for a certificate program
- The student must have a valid Social Security number
- Demonstrate financial need
- Male candidates must register with the Selective Service, which you can do through the FAFSA
- Candidates must sign the certification statement on the FAFSA, which states that they are not in default on a federal student loan, that you do not be obliged money on a federal student grant, as well as that they are going to use federal student aid only for educational purposes and not for any other purpose apart from education purpose.
How To Apply for a Pell Grant
If you are interested to apply in for a Pell Grant or any other additional form of financial aid, which comprises scholarships, work-study as well as federal student loans, you will need to submit the FAFSA.
For the session of the 2019-20 school year, you’ll have up till June 30, 2020, to file, but it is best for you to submit as soon as possible to the 1st October, start date to raise your odds of qualifying for the most aid money. In order to carry on eligibility for any type of federal aid, students must take note to submit a new FAFSA every single year. Every time accept any grants as well as scholarships first in advance of taking on federal loans.
One must take note that in order to keep your Pell Grant, you just need to follow a few conditions. You’ll need to keep up with the enrollment in an undergraduate course of study at a U.S. school. You may possibly lose all or part of your grant if your enrollment status changes.
In other situations, if you get outside scholarships or any other grants in order to pay for school after you accept the grant, your financial need might get reduced as well as you’d need to repay any Pell Grant money that has been already given to you.
With the help of this article, we have tried our best to provide you with the best information regarding Pell Grant. Hope you would find this information useful and informative.