There are a few different federal grants to choose from when applying, however your best bet would be to enroll in any one of the colleges that offers online courses to save money, or apply for the The Federal Pell Grant. This program tends to be more available to students then most, this is one of the only type of loans that ensures the student is debt free, in other words it is free money that does not have to be paid back.
This grant program is targeted towards people in need of money and is not associated with a student’s GPA or any other grade reward system. The amount of money granted is estimated in regards to the student’s EFC, (or Expected Family Contribution) so that those who truly are in need of the money are eligible to receive payment. On average, the Pell Grant program lends funding to students whose’ family has a combined income of $50k annually or under, but in reality, most if not all the grant money is given to families making an overall annual income of $20k or less.
Pell Grant Amount – How Much Can I Receive?
The Pell Grant program’s loan price fluctuates yearly, therefor every year the amount of money given changes according to the will of the government. For example, the most money a student was able to receive from the Pell Grant program was approximately $4,731 in 2008-2009 award year. This number changes every year, as of 2010 -2011 the maximum amount has shot up to over $5,550. However, how much an individual student can receive is decided based on the Expected Family Contribution, tuition for the chosen college and how long the student is enrolled for in their specific college.
It is also good knowledge to know that by applying for a Pell Grant, you are taking an advantage over federal loans. Federal loans have money caps, in other words, limits on how much money will be granted depending on how long you are in school for. Pell Grant funding is considered a reliable option because it’s available for the full time span a student needs to graduate with a bachelors degree.
For example, if it takes someone a good ten years just to acquire a bachelors degree, the money is open to them for the full ten years, giving it a fair advantage over other funding programs.
Pell Grant Application Process
Applying is easy, but in order to be come eligible you must first fill out the FAFSA. This is a legal form and must contain accurate information only to ensure a high chance of acceptance. If you do choose to provide false information it can lead to big trouble with the government and/or possibly jail. The purpose of the FAFSA is to provide information needed to figure out your Expected Family Contribution. As mentioned before, this is crucial to the Pell Grant acceptance process, therefor whether or not you assume you are not eligible due to your personal family income status, you must fill in the section(s) anyway.
Due to the intricacy of the FAFSA form, you just might end up finding out that you are actually eligible for other grant programs or financial aid that you weren’t aware of . After you have completed your FAFSA form, you can submit it and apply for the Pell Grant Program.
All in all, the FAFSA should be filled out and completed period, for it is required in applying for most if not all federal grant programs. Once you have turned in your FAFSA it is sent to your specific school or college and used to acquire your Expected Family Contribution (EFC) where it then subtracted from attendance costs of your specific college in order to agree on the amount of money you will have to pay. From then on, it’s up to the Pell Grant program administrators to decide if you will receive the help you need.
Pell Grant Acceptance Process
If accepted, the student should expect a personal award letter notifying you of your acceptance to the program. However if you are not accepted to the program alone, do not be discouraged – the Pell Grant is only one of many fortunate opportunities that you can benefit from in receiving the financial aid you need.
Even if you are accepted the Pell Grant, this will most likely not ensure all of the financial help you need so be sure to apply for other programs, (most being available on this website), so be sure to check our other scholarships and grants articles.
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