What Are the Requirements For a Pell Grant?

From about your junior year in high school onward, we have all heard about something called a Pell Grant. But what exactly is a Pell Grant and why are they so important when going to college? A Pell Grant is a government sponsored grant awarded to students entering college displaying a substantial need for financial assistance. Being that this is a grant and not a loan, the monies awarded to each individual are not required to be paid back to the government.

The Pell Grant is funded and overseen by the United States Department of Education, whom also set and enforce the various eligibility requirements as well. The total value of each grant awarded is determined on an individual case by case basis. Generally speaking, they are set to cover approximately one third of your college tuition for each year or semester you are eligible. The most important factor when determining the amount of a Pell Grant is based upon your family's annual income. Families with an income of less than $50,000 per year are eligible, but greater portion of the qualified recipients have family incomes of far less than that.

Another factor that is taken into consideration when determining the amount received in the form of a Pell Grant is the total cost for you to attend school. These include your tuition, room and board, and the many books and other necessary educational expenses. Since whether or not a student attends school full time or part time directly reflects on the total cost of their schooling, the amount of the grant awarded is also effected. Although part time students will not receive nearly as much as full time students, they are still eligible and encouraged to partake as long as they meet the eligibility requirements.

There are other great advantages to home equity loans. To see what type of home equity loan is right for you, I invite you to review http://homeequityloansinformation.org/.

Article Source: http://EzineArticles.com/?expert=Karen_Olszewski