Jonah JacobsStudent loans and scholarships tend to steal the spotlight when it comes to paying for college. What’s often overlooked or even forgotten? Grants, which may be the best of the bunch.
What makes a college grant so great? The fact that it doesn’t need to be paid back, which makes it a lot better than a student loan. Plus, many grants are based on financial need instead of merit, making them better than scholarships.
When you start looking for grants, you may see the name “Pell Grant” pop up. It’s one of the most popular grants out there, and it serves as a helping hand from the federal government to make your college costs much more manageable.
Pell Grant Eligibility
Qualifying for a Pell Grant is pretty straightforward. The main requirement is that you can show that you have a financial need.
Beyond that main requirement, you usually have to be an undergraduate student to qualify for a federal Pell Grant. This means that you cannot have a degree and hope to get financial help from the program. There is one exception to this rule, and that’s if you are participating in a postbaccalaureate teacher certification program. If that’s the case, then a Pell Grant may be in play.
Incarceration, either in a federal or state institution, can also prevent you from receiving a Pell Grant. Even once you get out, you may still be ineligible if you have to perform a civil commitment for a sexual offense.
Pell Grant Amounts
Should you qualify for the maximum Pell Grant in the 2020-2021 school year, you can receive $6,345. That’s a nice sum to be had for simply filling out an application, but the final amount can depend on various factors.
How much you receive will depend on your full or part-time status, school attendance costs, Expected Family Contribution, etc.
While some forms of financial aid consider all of the awards you receive, the Pell Grant does not. In other words, if you have other grants and scholarships, they will not negatively impact your Pell Grant award.
Once your Pell Grant is approved, you can choose how you want to receive it. Some students prefer to have the funds sent straight to their university. Others like to receive the money personally. A combination of both methods is an option as well.
Applying for a Pell Grant
You can kickstart the Pell Grant application process by completing your FAFSA form. It will also help you apply for other federal grants, which is why you should complete the form as soon as possible.
Pell Grant Duration
A Pell Grant can last up to 12 terms, or six years of college. If you get a degree, your Pell Grant eligibility will end at that point if it comes before the 12-term limit.
Maintaining a Pell Grant
Keeping your Pell Grant is relatively simple. You’ll have to maintain your student status and fill out a FAFSA form annually to keep receiving those funds.
