A formula which calculates financial need is employed to decide eligibility for these outright grants which do not require repayment. The criteria for the grants have been determined by Congress and are applied for using the form, FAFSA (Free Application for Federal Student Aid). This form is used in applying for the grants. The criteria for completion of the form, determined by the US Congress must be entered in the Free Application for Federal Student Aid form.
Levels of Funding Accessible Under Pell Grants:
The limit for 2012 has set at $5800 which is an increase from $5550 within the 2010-2012 year. Future Pell Grant maximum amounts will be indexed with the CPI (Consumer Price index).
Not surprisingly, many people put off college or quit altogether because money gets too tight. So, the federal government, in an effort to encourage higher education, offers the Federal Pell Grant. Pell Grants are awarded to undergraduate students based on need; the amount of money a student can receive is directly related to the student’s financial status, the number of classes a student is enrolled in and the costs of the school he or she attends.
Because Pell Grants are need-based aid, applicants must prove their income is low enough to receive the funds. This discourages many people from even applying, but the application takes into account the number of students in a household who are enrolled in college, as well as other factors. So it’s definitely worth applying for a Pell Grant if you’re interested in attending college.
Pell Grants Qualifications
This is the way for you to know if you are qualified for a Pell Grant and how much financial aid you can get. Therefore, once you received the award letter, you already know that there will be a disbursement for your Pell Grant and this will come from your school’s financial aid center.
If you have decided to transfer to another school, there will be no problem even if you will transfer many times. You only need to make sure that the schools you are going are parts of the program. An independent individual can even get a Pell Grant in an easier way.
Quick Facts on Pell Grants:
- Pell Grants are non refundable.
- The maximum grant for 2010-2011 year is $5550.
- Criteria contain financial need, cost of attendance, full or part time attendance, and plans for a full year or less.
- Grants might be used at any one of 5400 participating institutions.
- Grant awards are also dependent on EFC (Expected Family contribution).
- The FAFSA form is employed in determining financial need and form part of the application process.
- Prospective Students ought to request a “FSA Handbook – Federal Pell Grant Program”
You will find a link for printing the FAFSA on the web Worksheet. It is advisable to take a printout of this worksheet, as it will give you an idea of how the FAFSA form is structured. You can gather the required details and fill it in the worksheet. This makes it easier to transfer the data to the FAFSA on the web.
ou can fill out the Pell Grant application online, or by completing its written counterpart. You can obtain a hard-copy by calling the number 1-800-4-FED-AID, or by requesting one from your school’s financial aid office. Once you have completed your FAFSA a Student Aid Report, or SAR should be generated. Within this report will be an overview of all the information you provided during the completion of your application, your EFC, and your federal Pell Grant eligibility status.
A few months after you have submitted your FAFSA an award letter should be sent to you from your college. Within this award letter should be a detailing of most of the federal aid you were able to qualify for, including the Pell Grant. You will then have to accept or decline the aid that you were given via a response letter that must be sent back to your school before you begin classes during the fall.
In these difficult economic times the Pell Grants system allows many students to attend post secondary Educational institutions who would otherwise not have the opportunity to do so. In this era some of the brightest minds have developed as a result of programs that acknowledge that intellect is not dependent on circumstance.