They think that only rich people can pay for college. This isn’t true. Many federal and state programs can help college students pay tuition and living costs. This is shown well by the Pell Grant. Learn more about the Pell Grant, who can get it, and how to apply by reading on.
What Exactly Is a Pell Grant?
Pell Grants are federal aid that helps low-income college students pay for their education. Because of the Higher Education Act of 1965, this grant was made possible. Pell Grants will give qualified undergraduates up to $6,895 for the 2022-2023 school year.
Most people who work in higher education see the Pell Grant as part of the FAFSA. The main requirement for getting a Pell Grant is to show that you need the money. This is because the program was made to help students from low- and middle-income families pay for college. It’s important to know that the Department of Education recently changed its rules to include students who are in jail.
A student’s eligibility for a Pell Grant is based on their household’s total annual income, assets, and educational costs, which include tuition, room and board, and other related fees.
How does a student figure out how much of a Pell Grant they will get?
During the academic year, a student’s Pell Grant eligibility is based on their income, assets, and other factors, like the number of family members attending college. For the 2022–2023 school year, the most a student can get from a Pell Grant is $6,895, but not all students get the total amount. In some rare cases, students may also get a more significant award.
If a student’s EFC is high, the total amount of their Pell Grant may be cut. If, on the other hand, a student takes all three semesters of a given academic year and does well in all of them, they may be eligible for up to 150% of their Pell Grant award. This is what the term “year-round Pell” means.
For the whole academic year, students can get Pell if they take classes during the summer, winter, fall, and spring semesters. But it’s also important to remember that a student’s federal aid can vary greatly depending on their expected family contribution (EFC) and the cost of attendance (COA).
Find out if you can get a Federal Pell Grant.
The first thing they need to do is fill out the FAFSA and figure out what their expected family contribution will be. Then, they have to figure out their tuition and fees. This amount is enough to pay for necessities like books, tuition, fees, and other living costs.
The amount needed to pay for the student’s school costs is the difference between the COA and the EFC.
Lastly, students can find out how much money they will get from a Pell Grant by looking at the table provided by the Department of Education.
Even better, students can use the FAFSA Forecaster tool from the U.S. Department of Education to estimate their EFC and their possible Pell Grant award. Students whose families make less than $27,000 a year can get the full Pell Grant.
Pell Grant limits will go up and down in the next few years.
Students should also keep an eye on how the Pell Grant income threshold changes. As part of the recently passed Coronavirus Response and Relief Supplemental Appropriations Act, the EFC is being phased out, and a new Student Aid Index is being implemented.
Who can receive a Pell Grant?
Because the Pell Grant was made to help students who don’t have much money, not all students can get it. Students must meet the following requirements to take part:
- First, they must show that they are really in need of cash.
- Second, they must show proof that they are citizens.
- Third, they must be full-time or part-time students in their first year of college.
- Third, they must be full-time or part-time students in their first year of college.
- In rare cases, students who are not in college must show proof that they are enrolled in a post-teacher bachelor’s certification program.
The person applying can’t be behind on any other federal student loans and can’t be in jail for a sexual crime. One more thing to remember is that a student can only get a Pell Grant from one school at a time.
How to fill out an application for a Pell Grant
As the first step in the application process, the candidate must fill out a FAFSA application. Colleges and universities use the information on the Free Application for Federal Student Aid (FAFSA) form to determine if a student is eligible for a Pell Grant and, if so, how much of the grant they can get. Therefore, students must fill out the FAFSA annually to get federal financial aid. Also, as they work toward a degree or certification, they must have a solid academic record.
There is no hard and fast deadline for applications, but you should send them in as soon as possible if you want to be considered for extra money, like work-study money. The Federal Student Aid office usually starts taking Pell Grant applications on October 1st, though specific due dates vary by program.
Do you have to pay it back?
Since the Pell Grant is a grant, not a loan, most students do not have to pay it back. But there are some rare situations where students must pay their stipend back. For example:
- Since the student is no longer in school, they can no longer get financial aid.
- Their enrollment status changed, which caused their award to go down.
- If the student gets more money from other sources, their Pell Grant may be cut.
The federal government set up the Pell Grant program to help low-income students continue their education. If a person keeps getting this government help, they can get up to $6,895 in unrepayable funds each year if they want to. This amount, on the other hand, will either go up or down every year. So it could increase, decrease, or stay the same. For more information about the Pell Grant, you can contact the Federal Student Aid office.
