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While loans are an effective way to pay your way through college, wouldn’t it be nice to have your college education essentially paid for you by the federal government? With a Federal Pell Grant, you can receive the necessary money to attend college without worrying about paying back a loan, because a Pell Grant does not have to be repaid after you finish your college education. Still, it is important to understand that not every college student is eligible for a Federal Pell Grant while they are attending college.
Who Is Eligible?
So, how can you find out whether or not you are eligible for a Federal Pell Grant before you decide which college to choose? Simply fill out your FAFSA form before entering college, which gives you more information on your eligibility for a variety of college grants and loans. The FAFSA will ask for your own financial information, as well as the financial information of your parents. The U.S. Department of Education then grants you an EFC number, which will indicate whether or not you are eligible for a Federal Pell Grant.
Specifics of A Federal Pell Grant
The amount that a Federal Pell Grant can be worth depends heavily upon several factors. For instance, the maximum Federal Pell Grant allotted in 2002-2003 was $4000. This was determined by the funding provided by the federal government into the Federal Pell Grant system. Your specific aid via the Federal Pell Grant depends upon your own EFC number and family financial information, the annual cost to attend your college or university, and whether you are a part-time student or a full-time student. If you qualify for a Federal Pell Grant, your college or university will then work with the U.S. Department of Education to either credit your school account, cut you a check, or find another means of aiding you while you aspire to receive your higher education.
This article is distributed by NextStudent. At NextStudent, we believe that getting an education is the best investment you can make, and we're dedicated to helping you pursue your education dreams by making college funding as easy as possible. We invite you to learn more about Pell Grants.
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