Basic Information That You Need to Know About the Pell Grant

For the students from lower income families who would like to continue their studies but do not have the funds to do so, they may opt to apply for the Pell Grant. The Pell Grant is a federal financial aid that does not need to be repaid by the students since it is a grant and not a loan. An effort by the Education Department of the U.S Federal Government, this grant is aimed at students from families with combined income of $60,000 or less. Of course, priority will be given to the families with combined income of less than $30,000. If approved, the students will be granted with different amount with the maximum of $5500.

The Pell Grant is a needs based aid. The government uses a standard formula known as the Expected Family Contribution (EFC) to weigh eligibility. The formula that is used will use the family's income to calculate the maximum contribution that the family can allocate for the student's college fees.

The federal government receives a high volume of applications every year and unfortunately the grant cannot be awarded to all. Due to limited resources, the grants are mostly directed to lower income families earning around $30,000 per annum and the application is processed on a first come first served basis.To be eligible for the grant, the applicant must be of US citizenship or of an approved citizenship status. The applicant will need to be an undergraduate student with a high school diploma , possess a satisfactory academic record and should not have any criminal records such as drugs and sexual offenses.

The exact amount one receives depends on the value of the EFC, the fees of the chosen college and other supplies such as living arrangement, books and stationery. Students may choose one of the colleges from a list of 5000 participating higher education institutions. When the student is offered the Pell Grant, the fund will be disbursed directly to the college. The fund will be held in the student's account for registration and payment of tuition fees. Any money that remains will be refunded to the student and may be used for other living expenses.

Eligible students may apply for the Pell Grant and other federal aids by completing the Free Application for Federal Student Aid (FAFSA) on the Department of Education's official website. The forms are also available at most schools, colleges and universities. Students who wish to apply must submit a completed FAFSA form and supporting documents ahead of the closing date.

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Leveraging pell grants to pay for school is a great idea in a down economy. In order to qualify, the applicant must meet pell grant eligibility requirements. Pell grant requirements have become easier to understand and achieve. To find out more information about pell grants, please visit: =>http://pellgrantguide.org/

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