Paying for College: The Pell Grant
A separate group of people, those who want to go to college and better themselves also worry about the same thing - how to pay for it. While there are many different methods to pay tuition, everyone should be aware of a benefit that's available to everyone who qualifies and that doesn't have to be paid back: the Pell Grant.
Benefits of a Pell Grant
Besides helping you reach your educational goals, there are some distinct benefits of the Pell Grant. First, the program doesn't have to be paid back. The government sends your school money for your account. The school applies the funds to your student account, then writes you a check for the difference. Since there is no payment, there's also no pesky insurance to worry about, either.
Amount
You might think that free money will only come in small increments. This is not true of the Pell Grant. For the 2010-2011 school year, students are eligible for up to $5,550. This figure is adjusted annually, and has never gone down in the past.
Qualifications
Where can I sign up? Well, in order to get the Pell Grant you have to have financial need. When you fill out your FASFA you will be automatically notified if you qualify. How do you know if you filled out a FASFA? If you have a student loan such as a Stafford Loan or a PLUS loan, you filled this form out.
The eligibility for a Pell Grant takes into consideration income, how many dependents you have, and your course load. If you are transitioning to college from high school, the formula takes into consideration your parent's income.
Warning
If you plan on using a Pell Grant, but don't exactly meet the requirements - don't lie on your FASFA. Doing so is really bad and is essentially stealing from the government.
Going to school can be expensive, but with programs such as the Pell Grant it can become more affordable. This program is one of the few in place that doesn't have to be repaid, offering many students a good base to getting an education.
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Published by Meg G.
Meg G. is a financial professional. During her previous life, she ran a contracting business with her husband. Now, she likes to share late breaking news, financial advice, and do-it-yourself tips with her d... View profile
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1 Comments
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