The Pell Grant is a government issued financial aid product for students that meet certain criteria. Income-eligible students can receive a Pell Grant each year they qualify for a total of six years. Many benefits come along with receiving the Pell Grant, and any student who needs help paying for college should try to qualify for one. A prospective student can qualify for a Pell Grant by visiting the government’s main qualifying web page and completing a FAFSA application. The FAFSA application measure’s a person’s finances, living status, and dependency status. The following are five benefits of the Pell Grant:
- The money is free.
The Pell Grant does not have to be paid back. The Pell is a gift that the government issues to those who qualify and is typically large enough to pay for at least half of a year’s worth of schooling at a qualified location.
- It can lead to other grants or scholarships.
When a student completes the FAFSA application, he or she is processing an application for various types of grants and loans. The person may be eligible for additional funding, such as the Gates Millennium Scholarship, just by qualifying for the Pell Grant.
- Low-income families can go to college.
The Pell Grant is available for families that expect their financial contributions to be low. The expected family contribution number is often calculated by the school, and it represents the projected amount of money that a family will contribute to college attendance. Families that have an EFC less than $5,500 will generally qualify for Pell Grant assistance. Schools must now use an EFC calculator to calculate the expected EFC figure, as the government regulates financial aid.
- Pell Grants are accepted at many schools.
A school must be willing to accept Pell Grants before a student may qualify for one. The positive aspect of the FAFSA application is that a student can list up to 10 schools that he or she would like to attend. As long as the schools accept federal funding, then the student will have free choice. The government usually releases FAFSA results in 24-48 hours. Therefore, a prospective student will know very quickly whether he or she qualifies for help.
- With the Pell Grant, you may also qualify for low-interest student loans.
Students who qualify for the Pell Grant may also qualify for a wealth of loans. The interest rate for such loans is rather low, and approval usually has nothing to do with a person’s credit status. The interest rates for government loans are usually in the 5 percent to 6 percent rate. Furthermore, students have until six months after they graduate to repay such advances. The government is lenient with repayment options, as well.
Struggling families can now smile proudly as their children attend college. Anyone , no matter age, can seek assistance from the Pell grant.