A Pell Grant is a form of financial aid that does not have to be paid back like student loans. Pell Grants are also the most competitive form of financial aid. These grants usually go to students who have the greatest financial need. In most cases, undergraduate students are the ones who are awarded Pell Grants.
hen trying to secure funds to pay for college, scholarships and grants like the Pell Grant are the best forms of aid to receive, because they do not have to be paid back; it is free money for college. The Pell Grant is applicable at over 5,400 schools and universities throughout the country. Pell Grant eligibility is determined by how much the student’s family is expected to contribute, the cost of tuition at the chosen school and the student’s enrollment status of full- or part-time. All of this information is collected when the student fills out their Free Application for Federal Student Aid, or FAFSA. All forms of federal aid, whether loans or grants, come through the results of a FAFSA.
Students cannot receive a Pell Grant from more than one school at a time. For distribution of a Pell Grant, your school might apply the funds directly to your tuition costs, pay you through a check or a combination of the two.
Students under the age of 24 with a deceased parent or guardian as a result of military service in Iraq or Afghanistan after September 11, 2001 would receive the maximum award amount for that school year.
– Pell Grant does not have to be paid back
– Available for use at more than 5,400 schools
– Pell Grant eligibility determined by completing the FAFSA
– Use the money for educational purposes
– Awarded to those who really need the funds for college
– Most competitive form of financial aid
– Typically only awarded for undergraduate degrees
– Awarded only to students with the greatest financial need
With a Pell Grant there are no expenses involved because the money does not have to be paid back. There are no interest charges or fees to be concerned about.
Of all the forms of help to pay for college, a Pell Grant can be a very helpful and stress free answer. Students that receive these grants don’t have to worry about how or when they have to pay the money back, because it truly is an award. Pell Grants are reserved for those that truly need the money due to financial hardship. They are the most competitive form of financial aid for that reason. If you are fortunate enough to receive a Pell Grant even for part of your education, it can be really helpful.
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