Overview of Pell Grants
Pell Grant is funded by the Department of Education in the United States and is awarded to students who demonstrated financial need or for those low-income students who do not have the ability to pay for college. In contrast to most federal assistance, Pell Grants don’t need to be paid back. These grants have been established in 1965 and almost $36 billion in grant aid was available in order to qualify students in 2011. The amounts of Pell Grant are based on the overall number of credits for which you’re enrolled. Pell Grants are also awarded based on the needs of the students. This means that the amount of money every student can receive is related to his/her financial statues, the costs of the school he/she attends and the classes the student enrolled in.
Qualifying for Pell Grants
There are lots of paperwork involved to qualify for Pell Grants, but it actually pays off when find that you are eligible for the assistance. After the recent increase in the maximum Pell Grants, those eligible students can now receive up to 4,731 dollars for 2008 to 2009 year. Some of the most important criteria for eligibility include:
- Your financial status or the financial information of your parents if you are still considered dependents
- The costs for the school you will be attending
- The number of classes you will be taking in a semester or quarter
Your financial information will help determine your Expected Family Contribution (EFC). This will show the ability of your family to pay for college. It is mainly based on the size and income of your family as well as the number of family members who are attending college. However, it is of note that the formula for identifying eligibility is updated every year, but in general, it provides assistance to familes who are earning less than the set amount for such year.
The Importance of Pell Grants
The great value of higher education is appreciated and understood universally. However, the cost to get higher education has actually never been greater. Not all families are able to send their children to school. Tuition fees at a private university or college can top fifty thousand dollars and the total amount of fees rises when study materials, laboratories, living expenses, books and room and board are being factored in. Those students who are attending in in-state public institutions and universities can save on tuition fees, but their overall costs can still real almost twenty thousand dollars per year.
With the increasing cost of going to college, Pell grants are very helpful for every family and student when it comes to financing an education. Pell grant programs are the ultimate source of financial aid.
If you are looking for an effective way to finance your college education, you can take full advantage of Pell Grants. If such grants are received, there is no need for the student to pay it back. It enables students to pay for their education, regardless of how low their income is.