RoxanneFederal Pell Grants Explained
Undergraduate students can get Federal Pell Grants worth as much as $6,495 annually. Unlike student loans that must be repaid along with interest, these grants are essentially free money since no repayment is necessary.
To qualify for a Pell Grant, you will need to attend a particular type of institution in your quest to get a degree, and you will also have to show a specific level of need.
Pell Grant Uses
While the fact that Pell Grants can give you up to $6,495 towards your yearly education is excellent, their flexibility might be even better. Since every situation is different, you may have costs that other students don’t. With a Pell Grant, you can cover a wide range of costs such as:
- Books
- Tuition
- Housing
- Child care
- Dependent care
Another way in which Pell Grants are flexible is the types of schooling they can be used for. Since virtual learning has exploded in popularity, you’ll be glad to know that you can use a Pell Grant to go to an online school to get your degree without having to step into an official classroom. As long as the online school is accredited, your Pell Grant funds can pay for associated costs.
Speaking of flexibility and virtual learning, an online degree may be your best bet if you have a full-time job, children to take care of, or other responsibilities that make it tough to take classes on campus. And if you don’t want to wait until a new semester or term to start studying, some online degree programs let you begin when you are ready so that you can complete your studies quicker.
Pell Grant Myths
You would think that students would be lining up for $6,495 Pell Grants, but that’s not the case. Even though such money could be helpful for any student, many shy away from Pell Grants due to myths or misconceptions, such as:
- Thinking Pell Grants are just another student loan that must be repaid.
- Thinking that qualifying for a Pell Grant is too difficult.
- Not even knowing Pell Grants exist.
As mentioned, Pell Grants are not loans and do not have to be repaid.
They most certainly do exist, and as we’re about to show, qualifying for them is not too difficult.
Pell Grant Qualifications
Unlike other forms of financial aid like scholarships, loans, and some grants, Federal Pell Grants do not consider the following:
- Credit score
- Grades
- Age
- Other student aid you qualify for
Instead, the following will be analyzed when you apply for a $6,495 Pell Grant:
- Your student status (either full or part-time)
- Any degrees you have
- Whether or not you’ll study for a full academic year
- Your institution’s status as a participating school (as judged by the Department of Education)
- Your school’s attendance costs
- Your financial need
Applying For a Pell Grant
To get a Pell Grant up to $6,495 per year, you will need to submit a FAFSA application. Once complete, that will not only determine how much of a Pell Grant you can receive, but it will also open up the doors for financial aid from any schools where you’d like to attend.
