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.

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Comprehending the Basic Pell Grant Eligibility Requirements

Finding out if you are eligible to receive the federal Pell grant is easy. The requirements are simple and readily available for anyone looking to find information about this grant award. While some forms of school funding can be complicated and hard to understand, the Pell Grant eligibility requirements are relatively simple and straight-forward, and can be grasped by virtually any student that may be interested in this award.

The Pell is specifically available for students who wish to further their education but may come from a low-income family. The main requirement to apply for this loan is that students must show an economic need for additional funding to pay for college. Since the student's family's income is the determining factor for this grant, that information must be readily available when applying. If the student is returning to school as an independent, their assets will be looked at instead of the families. Anyone coming from a family with an income of $60,000 or less is eligible to apply. However, most funds will be made available to students coming from families with an income less than $30,000. Students must also possess a GED or high school diploma when applying for this loan, or must be able to prove that their schooling or training will provide them with more opportunities.

Those who have already received a bachelor's degree are not eligible for the federal Pell grant. Students are also prohibited from receiving Pell Grants at more than one school at the same time. Once a student has received their allotted amount, they must be able to show that they are in good academic standing to continue getting more funding for their schooling. Good progress must be made towards one's respected degree. Students must also have a good standing on all other federal student loans. Defaulting on a federal student loan squashes ones eligibility for the Pell grant. It is also a requirement that the receiving student agrees to use the funds appropriately, as the proceeds of the federal Pell Grant can only be allocated towards education-related expenses.

Jane Ferrer is an online writer who specializes in topics such as helping students calculate their Pell Grant eligibility.

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