The Federal Pell Grant Program is a type of financial aid that is available for students who demonstrate a financial need. Pell Grants in have various qualifying factors for eligibility. The Pell Grant application requires petitioners to furnish information to determine if they are eligible for the federally funded endowment. Unlike loans, students do not need to repay the funding from the program. Students interested in the financial assistance available to residents can download our free guide here. To learn more about Pell Grants, read the following topics:
- What are Pell Grants?
- How is the Pell Grant awarded?
- How to apply for the Pell Grant
What are Pell Grants?
Pell Grants in are need-based financial awards for low-income students attending college or higher education institution. The Federal Pell Grant Program considers other financial factors like the cost of the institution. Part of the Federal Student Aid program, the Pell Grant application is the Free Application for Federal Student Aid (FAFSA) that allow petitioners to apply for the multiple financial assistance programs for students. Unlike loans, funding from Pell Grants in do not require repayment typically.
Students interested in how to apply for the Pell Grant Program must first consider the eligibility conditions. Applicants must be U.S. citizens or eligible non-citizens pursuing their first undergraduate degree. There are some exceptions for students pursuing a higher education depending on the degree program, although it is uncommon. The Federal Pell Grant Program will not grant funds to petitioners who have a full scholarship, in default of any federal student loans or have a drug-related conviction. However, those who attended drug rehabilitation following the certain charges may still be eligible for student grants and loans.
Nearly 5,400 colleges and educational institutions accept the Pell Grant. In the 2015/2016 school year, three of the top 10 schools to receive the most funding from the Federal Pell Grant were located; Miami Dade College, University of Central and International University. However, the amount of money awarded through the Federal Pell Grant Program can differ from one student to the next, as income and assets of parents as well as school expenses vary.
How is the Pell Grant is awarded?
The Federal Pell Grant Program base awards on the needs of the applicant. Pell Grants in factor in the attendance cost at the institution as well as whether the individual applying is going to be a full- or part-time student. Although the Pell Grant application officials consider these conditions, there is a maximum qualifying amount awarded to each student annually. However, the Federal Pell Grant Program in also offers additional award money to individuals whose parents died in military service in Iraq or Afghanistan. Students can download our comprehensive guide here for grant and loan thresholds of student aid awards.
Once the applicant has completed the Pell Grant application online, he or she will see an estimated award amount. This may increase or decrease after completion of the verification process. Distribution of funds from the Federal Pell Grant Program may go directly to the student, the school or a combination of both depending on the educational expenses of the beneficiary. While Pell Grants in do not require repayment, students who drop out of college may have to pay back a certain amount.
How to Apply for the Pell Grant
For those who would like to know how to apply for the Pell Grant, completing the FAFSA form online or filling out the paper application is the first step. Students must submit Pell Grant applications through FAFSA each year, as officials reevaluates the financial need of the applicant annually. To complete the Pell Grant application, petitioners will need to furnish personal and financial information about themselves and parents, if dependent. Some of this information include Social Security Numbers, proof of residency and citizenship status as well as in come verification. Applicants will also have to note if they have other financial opportunities like scholarships, grants, work-study funds and federal student loans.
After submitting the Pell Grant application, petitioners will receive a confirmation letter within the week, if submitted online. For those submitting the Pell Grant application by regular mail, the wait time can be seven to 10 days longer. Students who do not qualify for the Federal Pell Grant Program may be able to obtain other financial assistance awards from programs.