The cost of higher education is a challenge for many promising young people. This is why some students believe that high school is the end of their educational journey and that they should instead focus on finding a good job. Things don’t have to go this way. Higher education increases your chances of getting high-paying jobs. As a result, you should seek assistance if you can’t afford it on your own.
Assistance options are available in many different forms. However, most students prefer grants since they don’t usually require repayment. There are plenty of student grants available through different organizations as well as through the federal government. Pell Grants are one type of federal grant that comes with some attractive benefits. They have been around for a while (in fact, for decades!). However, not everyone is aware of this opportunity, let alone how to get it. For this reason, we made this article to explain what a Pell Grant is and how to apply for it.
How a Pell Grant Can Save You Lots of Money
In some situations, assistance is necessary. This is especially true if financial difficulty is preventing a student from pursuing higher education. This is why Pell Grants were created. The aim of these grants is to make higher education more accessible to those from middle-class and lower-income backgrounds. They provide eligible students with the financial aid they need to pay for college costs. The maximum amount of the Pell Grant will be $7,395 for the academic year beginning July 1, 2023, and concluding June 30, 2024.
Who Can Receive a Pell Grant?
Not every student will be eligible for this support option. This is because Pell Grant eligibility is dependent on financial need. So, students who do not meet that requirement cannot receive the award. There are also other instances in which an application may be denied. In the following cases, applicants may not be considered for this assistance option:
- If, after serving time in jail for a forcible (or nonforcible) sexual offense, they were sentenced to an involuntary civil commitment.
- If they are being detained in a federal or state prison.
In order to apply, you need to submit a FAFSA or Free Application for Federal Student Aid. This form will verify whether or not you qualify for federal student aid, including the Pell Grant. It is necessary to reapply for a Pell Grant each year after receiving one. To qualify for Pell Grants, you must meet the following requirements:
- Having valid and legitimate citizenship.
- Being enrolled in school, either fully or partially as an undergraduate student (with some exceptions)
- Providing the documentation to back up your claim that you’re struggling financially.
The financial aid office at your school is a great source of information that may help you with the application process. So, make sure to contact them if you have any questions.
Is it too Late to Submit a FAFSA?
It is important to understand that the FAFSA is typically used to apply for additional forms of financial assistance. Some of those assistance options may have their own deadlines and/or funding restrictions. As a result, you should submit your FAFSA as soon as you get the chance if you don’t want to miss out on any other opportunities. However, when it comes to Pell Grants in particular, there is no deadline. If you want to check out the existing FAFSA deadlines, you can visit this website. You can look for additional details and assistance from your institution’s financial aid office.
In What Ways Can You Increase the Amount of Your Pell Grant?
In reality, each student’s award amount is determined by their own personal financial circumstances. This means that there will be differences in how much each student will receive. However, every year, the government sets a maximum limit to the Pell Grant award. For example, the maximum amount of a Pell Grant is $7,395 for the 2023-2024 school year.
This means that the most you could get from this kind of financial help would be close to $40,000 in the 2023-2024 school year. That’s because students can only receive Pell Grants for a maximum of six years (or 12 semesters). You can assume this only if you get the maximum allowed for each of the 12 semesters. This is only possible if the Pell Grant amount stays the same between now and then.
How Will You Be Paid?
When it comes to receiving grant money, there is more than one way. It’s up to your college to determine how to use the grant. For this reason, you should contact your school to find out how you will get your grant. Typically, there are three methods to handle a Pell Grant:
- Paying the students directly
- Applying the grant’s funds to the student’s educational costs directly
- Using a mixture of both methods
You Don’t Need to Worry About Repayment, Unless…
Basically, grants are a sort of financial aid that gives qualifying students free money. So, unlike student loans, Pell Grants typically do not need to be repaid—they’re grants! Nevertheless, a student may have to repay a grant under certain circumstances, like:
- If the enrollment status changes.
- Changes in the level of financial needs as a result of additional funds.
- Leaving school, which means there’s no need for student aid.
In Conclusion
Paying for college is one of the biggest challenges many Americans have to deal with. Some students believe that college is out of reach due to financial difficulties. If you are having the same problem, you might find some relief with the federal assistance options available for students.
One of the most important options is the Pell Grant. This grant can help you pursue higher education without worrying about paying the money back. For the academic year 2023-2024, the maximum amount an eligible student can get is $7,395 per year. In order to apply for one of these grants, you will have to fill out a FAFSA. If you need to learn more about this assistance opportunity, you can get help from your school’s financial aid office.
