There are a lot of people that want to achieve their dream of wearing a cap and gown with a higher education degree in their hand. However, the problem with that dream is that not everyone can afford it. Fortunately, there are ways around the cost of higher education, including federal education grants. The Pell Grant, which is a popular federal education grant, has been around for a long time. This act focuses on offering relief to students in middle and low-income classes that are working on getting a higher education. You will not be sorry for looking into it, especially since it could help you out every year. Right now, you can get funding up to $7,395 on an annual basis.
Understanding the Pell Grant And Finding Out How It Works
Now that you know that the Pell Grant exists, you should learn more about it. More importantly, you should find out how to get one! If you want to get a Pell Grant, you will need to apply for it. Fortunately, the application is simple. However, it’s time we tell you about a few of the perks that the Pell Grant has to offer. There is no specific deadline to the Pell Grant, which means that you can apply at any time.
You will typically not need to pay off the funds that you get from the Pell Grant. If you are wondering how you will get these funds, then we will explain later on in the article. For the academic year of July 1st, 2023 until June 30th, 2024, the support Pell Grant offers is up to $7,395.
Now, you should be aware of the different conditions that a student must pay off their Pell Grant funds. These situations require the student to pay off the Pell Grant since they will not be able to meet eligibility requirements anymore. When a student pulls out of school, changes their enrollment status, or gets extra financial aid, they will need to pay off the grant.
Speaking of eligibility requirements, there are some circumstances where a student automatically disqualifies from the running. That would include currently being incarcerated in a federal or state prison, or having a requirement to uphold an involuntary civil commitment after some jail time for a forcible/non-forcible sexual offense.
The Pell Grant Application Process and Eligibility
Before you apply for a Pell Grant, you probably should understand more about the eligibility requirements. This grant does not help just anyone, only students who are financially struggling that have a qualifying citizenship. Also, if you do get the Pell Grant, how much you get from the grant will depend on your financial need.
You will need to be an undergraduate student, even if you are studying part-time. In other words, you cannot already have a degree. That would include a bachelor’s degree, professional degree, and/or graduate degree. Now, let’s say that you are not an undergraduate. It’s not the end of the world! If you are enrolled in a post-baccalaureate educator certification program, then you might qualify for the Pell Grant. However, this only happens in certain situations. To learn more, you should contact your school’s financial aid office.
As we mentioned above, there is no specific deadline! You should start by filling out a Free Application for Federal Student Aid (FAFSA). For the Pell Grant, you will need to do this every year to keep getting benefits to afford higher education. There is something else that is pretty neat about the FAFSA too! You can apply for the Pell Grant through the FAFSA and for other financial aid as well. This is where it might get tricky for you, so you should keep this in mind. The Pell Grant might not have a deadline, but other financial aid opportunities do.
If you want to know more about these deadlines, then your school’s financial aid office is the place to find out. Additionally, you can look it up online, here. That is why sending in your FAFSA sooner rather than later would be better for you in the long-run!
The Amount That the Pell Grant Offers and How You Can Get It
Keep in mind that the amount the Pell Grant offers per year – $7,395 – is the maximum amount for the 2023/2024 academic year. Furthermore, the maximum time frame for Pell Grant support is 12 semesters or six years. Now, let’s say that you received approval for the grant and everything is settled. You are getting ready for your first day and looking through your class schedule. However, you are still not sure how you can use the Pell Grant and pay for your educational expenses. Your school will give you the best answer to that question, but there are normally three ways to receive these funds. The grant can give the money to you directly or to your school to use for educational costs. The third way to get the funds could be a mix of both methods.
Let’s give you an example. If the maximum amount does not change and everything is smooth sailing, then you could receive around $40,000 worth of financial support from the Pell Grant. This would apply throughout all 12 semesters of your degree. That’s a lot of financial support right there!
It might be your lucky day when it comes to affording your dreams of getting a higher education degree! The federal government tries to help out students as much as possible through federal educational grants. Your school’s financial aid office can help you out with more information on these grants! As you might already know, grants serve as free money and they generally do not require repayment. The Pell Grant has been around for decades, for the 2023/2024 academic year, offers financial support up to $7,395 for a maximum of 12 semesters. So, basically, it is a way for you to get an education without worrying about the financial stress of it all!