Pell Grants Help Poor Students Get an Education
Financial Aid-Pell Grant
College expenses can be overwhelming, particularly if you are from a low-income family. Some lower-income individuals don�t even think about going to college because of their financial status. Yet, there�s a solution: the Pell Grant.
What is it?
A Pell Grant is a financial-needs-based Federal government grant that never has to be repaid. The Federal government began awarding it in the 1960�s and it was named after U.S. Senator Claiborne Pell. The reason behind the creation of this grant was to help the poor receive a college education. Hence, it is only given to low-income undergraduate students.
These grants can only be used at accredited colleges and universities. Your school will either use the money to pay off your tuition and fees or pay you directly. Funds are disbursed at least once a semester.
Amount You Can Receive:
How much grant money you get depends on a few things: your family�s income, the cost of attendance, and whether you are enrolled full time or part time.
The 2006-2007 maximum Pell grant available was $4,050. For 2007-2008 it is now $4,310. As you can see, the maximum is subject to change each year depending on program funding. The maximum grant is expected to increase to $5,400 by 2012.
Grant money is assisting poor families all around America in sending their kids to college. These kids who receive a college education are adding value to our economy.
How Do I Apply?
In order to apply for a Federal grant you have to fill out a Free Application for Federal Student Aid (FAFSA). You may choose to complete a FAFSA online or through your Financial Aid office.
If you wish to do this online, you much first obtain a PIN (Personal Identification Number.) You can get a PIN at www.pin.ed.gov.
As you fill out your FAFSA, you will want to have a few documents nearby. These documents are your Social Security card (you won't need this if you have your SSN memorized), driver's license, previous years W-2 form, last years Federal Income Tax Return, and a few other things.
Once you are done filing a FAFSA (you can do this at fafsa.ed.gov), you will be sent a Student Aid Report (SAR) which tells you whether or not you are eligible for a Federal Pell Grant.
The deadline for filing a FAFSA has passed for this academic year. The applications are no longer available. Nevertheless, don�t give up hope! Apply for a Pell grant for 2008-2009. The deadline is June 30, 2008.
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About the Author
To learn more about grants and scholarships visit our Student Finance Options page. A college student herself, Elise Fisher enjoys writing articles to help college students learn more About-Student-Loans.com and other finance options.
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