When financing your college education, don’t forget the importance of free money! Unlike loans, scholarships and college grants are forms of financial aid that don’t need to be repaid. This money is available to anyone who meets the necessary criteria. While scholarships are generally based on academic merit, college grants are typically based on your financial need.
A Pell Grant is one of the most well known types of college grants. The program was created in 1972 by the U.S. Department of education and currently provides free financial aid to about one-third of all undergraduate college students. These college grants are intended for lower income families; nearly all Pell Grant recipients have a family income of less than $35,000.
To be eligible to receive a Pell Grant, you must be a U.S. citizen or eligible non-citizen who has completed the Free Application for Federal Student Aid (FAFSA). A high school diploma or GED is also required. Males must be registered with Selective Service and incarcerated students are not eligible to receive these college grants.
Pell Grants are awarded to students who are working towards their first bachelors degree. The amount of your grant is determined by your Expected Family Contribution as well as your cost of attendance. Your grant will also depend upon whether you attend school full time or part-time and whether or not you are enrolled for the entire academic year. The amount of your Pell Grant can range from $400 to $4,050.
You will receive your funds from these college grants once per academic term. Your school will either credit the Pell Grant money to your account or write you a check.
If you receive a Pell Grant, you may also be eligible for a Federal Supplemental Education Opportunity Grant (FSEOG). These college grants provide additional assistance to the neediest Pell Grant recipients. The amount of the grant can range from $100 to $4,000.
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