Imagine getting money for college that you don’t have to repay. Financial aid is out there and available. Pell Grants are federal funds that, unlike a loan, you don’t have to repay. Whether you are going to school on-line or on campus, you can get financial help and there is more money this year than ever!
The first step is filling out a “free application for federal student aid or an FAFSA. The forms are available on-line and in hard copy. Check out the US Department of Education website to download your FAFSA. The application makes students eligible for not only Pell Grants but all federal, state, and some institutional financial aid programs. The FAFSA takes a little time, but the money can be used at one of more than five thousand educational institutions. If you don’t own a computer, remember you can always use your local library.
Pell Grants are based on financial need to students pursuing a bachelors or professional degree. The federal government chooses students using a formula determined by the U-S Congress. More than 90% of Pell Grant recipients come from families earning less than $41,000 a year.
Pell Grants are considered a foundation for Federal financial aid. That means other scholarships and grants can be added to the amount. There are hundreds of other grants and scholarships. Some are offered for specific degrees, like nursing or careers in public service. Some states also offer their own grant programs. However, you cannot receive Federal grants from more than one school at a time.
To get a Pell Grant for an online degree program, you will generally need to study a field that is in short supply, such as science or education. There are other grants available specifically for online students. For students with grave financial need there is the Federal Supplemental Educational Opportunity Grant. The Academic Competitiveness Grant benefits students who graduated from an academically rigorous high school program.
How much money each student gets is determined not only by financial need, but also tuition costs and whether you are a full-time or part-time student. There are special considerations for students who lost a parent or guardian in military service after the attacks on September 11th, 2001. The student gets the same amount of money for each academic year. That makes planning your budget for each school year easier.
Last year, the maximum amount given was just over five thousand dollars. The federal government has increased awards for the 2010 to 2011 school year. Qualifying students receive checks at least once each semester or trimester. The school can pay you directly, apply the funds directly to your tuition or a combination of both.
Your school or the Department of Education website will have even more information on Pell Grants and the FAFSA. Grants are the best kind of financial aid, because you don’t have to repay the money. So, if you need money for college or an online degree, spending a little time filling out a Pell grant application can pay off.
