Receiving a higher education is one of the more effective ways of increasing your earning potential and advancing your career opportunities. Having enough money to pay for college is of course essential. What type of education-based financial aid is available?
College grants and loans are both available as forms of financial aid. The U.S. Federal government has multiple ways to help you finance your education and make the most of your life. Read ahead for information about how to get money for college in the form of federal college grants and loans today.
The U.S. federal Pell Grant is one of the most frequently funded forms of student financial aid. There is usually no requirement to pay back grant money and this remains largely true for Pell Grants as well. Not everyone qualifies for a Pell Grant, however. Additionally, if you do qualify for a Pell Grant you must meet certain requirements in order to continue to receive the aid.
A Pell Grant is not awarded based on grade point averages (GPAs), Scholastic Aptitude Test (SAT) scores or extra-curricular activities.
Eligibility for this grant is awarded based on a level of significant financial need and is frequently awarded to students coming from low-income families. Many lower income families are unable to afford their children the opportunity to pursue a higher education and the federal Pell Grant is designed to help with these types of situations.
The core concept of the grant is to bridge the educational opportunity gap between those with financial means and those without.
Eligibility is dependent on the cumulative Income of students and parents alike. If a student is not a dependent the income of the parents might not be included in the calculations. Students are required to fill out the Free Application for Federal Student Aid (FAFSA) form.
Qualification is limited to students with a household income of $50,000 per year or less. The Pell Grant is most commonly awarded to students whose household income is $20,000 per year or less, however.
The maximum amount awarded per individual Pell Grant for 2023-2024 is $7,395, however most students receive less than the maximum amount due to supply and demand limitations of the funds.
