Pell Grant is a financial award given to undergraduate students, which differs from a usual loan as it doesn’t require repayment. The Federal Student Aid (FSA) manages the Pell Grant and it is considered an office of the US Department of Education. The Pell Grant is also known as the Foundation of Federal Financial Aid as it derives funding through different federal and non-federal sources.
What is the value of obtaining a Pell Grant?
For those students who are unable to meet with the educational costs involved in obtaining bachelors or professionals qualifications, Pell Grant would be a life line and at present, the grant value can go up to US$ 5550. At the same time, the Pell Grant would consider many different factors other than the students financial need before releasing the money and these can include factors such as cost incurred for attending the school, the duration of the educational programme, part-time or full-time nature of the programme…etc.
What is the eligibility criteria to apply for a Pell Grant?
A student who can prove that he or she is an independent student or else the parents are not earning enough to cover the costs incurred by a college educational programme would most likely to qualify, if they apply early. However, the basic qualification to apply would be ‘not having s bachelors’ qualifications’ and having being offered a training position at a higher educational institute.
Where can applicants obtain information on how to apply for a Pell Grant?
The best place to gather information regarding ones eligibility as well as how to apply would be the schools financial office which would be more than happy to help its students consulting them for receiving financial aid.
What are the documents or information necessary to be submitted with the application form?
The application form will ask for information regarding ones 1040 tax form(s) and W-2(s) for the previous year. At the same time, untaxed income records should also be gathered as evidence. Apart from these, the drivers’ license and the previous bank statements will also be necessary. In instances where parents tax information needs submission, these should also be collected.
Where to submit the Pell Grant Application?
Pell Grant Application is freely distributed online and it is therefore given the name Free Application for Federal Student Aid. It is submitted online and the students will be given a PIN number for further access through a secured system.
What happens after submitting the application?
Following submission, the applicant will receive a Student Aid Report, which will contain the applicants eligibility to receive aid and the amount. In order to claim the awarded grant, one should follow the instructions given in the Student Aid Report.
What are the important points to remember when applying?
The money is available only on first-come first-serve basis and therefore one needs to apply early in order to be successful in gaining the grant.
Federal Student Aid : http://studentaid.ed.gov