Pell Grant

Each year the U.S. Department of Education awards hundreds of students Federal Pell Grants to assist with college tuition and other related fees. Unlike a loan, the Pell Grant does not have to be repaid. Grants are awarded to undergraduate students who have yet to earn a bachelor’s or other professional degree.

The maximum Pell Grant award is currently $4,310 for the year. That amount changes on a regular basis and is dependent upon the award year and program funding. The amount a student receives, however, is based on financial need, personal college-related expenses and status (full-time or part-time). The award also depends on if you plan on attending school the entire academic year. In short, different variables equal different award amounts. To fully capitalize on the grant, you would need to be a full-time student for the entire academic year and demonstrate financial need.

To apply for a Federal Pell Grant, you must fill out and submitted the Free Application for Federal Student Aid (FAFSA). This application can be found at your high school counselor’s office, college student aid office or on the U.S. Department of Education’s Web site. The program does require you to be a U.S. citizen and to be enrolled in an accredited school or university in which you plan to attend during the academic year and pursue and academic degree or certificate.

The sooner you file your FAFSA the better. Awards are based on a first come, first serve basis. Experts recommend applying directly after the first of the year, even if you don’t intend on starting your curriculum until the following fall. Students may also find they qualify for a state grant and may be extended the opportunity to take out a federally-backed student loan through the government’s Direct Loan Program.

If grants and Federal loans prove not to cover all your costs associated with college, consider a private student loan. Visit our private student loans page.

This entry was posted on Sunday, December 9th, 2007 at 4:59 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.