The Federal Pell Grant program is a very widely available grant program for students who are going to college. This program is one of the only ones that offers “free government money” so that you can go to college. If you’re eligible for a Pell grant, you don’t have to pay back the money. They are also not awarded based on grades. Solely a needs-based financial aid online program, the Pell grant determination is based upon your “Expected Family Contribution.” Those who have significant financial need can receive money.
The amount of money you can receive through a Pell Grant changes from year to year. The government decides how much money to put into this financial aid option, and that dictates the amount of the award. It’s also based upon what an Expected Family Contribution will be, the cost of tuition, and whether or not you are a full-time student. In regard to the 2008 2009 school year, for example, students could receive the maximum amount of $4731.
It’s interesting to note that with the Pell Grant program, and with other federal loans, there is no lifetime cap. With the federal loans, there is a limit on how much money a student can borrow. You’re only limitations with the Pell Grant are determined by the number of students using the grant, and all it takes you to get your bachelors degree. For example, if you take the ears to get your bachelors degree, then you can be eligible for a Pell grant for eight years.
You’ll need to fill out the FAFSA if you want to apply for the Pell Grant.Be honest on this form, because failure to report all income or assets will result in tough penalties, including possible jail time. The FAFSA information you provide determines what you’re Expected Family Contribution is. Even if you think you won’t qualify because your family makes too much money or has too many assets, fill out the FAFSA. it uses a complicated formula to determine eligibility, and you may qualify for some help that isn’t apparent to you at first glance.
Since this is also the way to qualify for federal loan programs, go ahead and fill it out. The form will go to your college, where they will subtract the Expected Family Contribution from the cost of attendance to determine how much you will be expected to pay. If you are going to receive Pell Grant money, you will receive an award letter. You can’t do anything else to increase your chances of getting this money. While you wait, pursue other financial aid options. Even if you do receive a Pell Grant, it will not be sufficient to pay for all of your schooling, so keep your eyes open for other help.
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