College is Expensive, Let Uncle Sam Help with a Pell Grant
One of the most widely available grant programs for students entering college is the Federal Pell Grant program. These are one of the few government sources of “free” money for college. Students who are eligible for Pell Grants do not have to pay back the money. They are also not awarded based on grades. This is a needs-based financial aid online grant program that awards money based on a student’s Expected Family Contribution. Those who have significant financial need can receive money.
The amount of money students can get through the Pell Grant program varies from year to year. The federal government determines how much money they’re going to put into the financial aid option in general, and that will determine how much you’ll receive individually. 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.
One interesting difference between the Pell Grant program and the federal loans is that students are not subject to a 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.
The only way to apply for a Pell Grant is to fill out the FAFSA. Honesty is imperative, because if you don’t report all assets or income, you could be subject to very tough penalties, including possible time in jail. This form is used to determine your Expected Family Contribution. If you think your family has too much money or too many assets, fill out the form anyway. it uses a complicated formula to determine eligibility, and you may qualify for some help that isn’t apparent to you at first glance.
The FAFSA is also used to determine eligibility for federal loan programs, so you should 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 get some Pell grant money come you’ll get a letter telling you so. There is nothing else you can do to ensure that you get this money. While you wait, pursue other financial aid options. The amount given to you in a Pell grant will likely not pay all of your schooling expenses, so you’ll still need other financial aid.
