By: Elise Marie Fisher
Financing your higher education is often overwhelming, especially if you come from a low-income family. You may not even be considering college because of your financial standing. Yet, there's a solution: the Pell Grant.
What is a Pell Grant?
A Pell Grant is a financial-needs-based Federal government grant that you never have to repay. The Federal government began awarding it in the 1960's and it was named after Claiborne Pell, a United States Senator. The reason behind the creation of this grant was to help poor have the opportunity to receive a college education. Because of this, it is only given to low-income undergraduate students.
These grants must be used at one of the 5,400 participating institutions. Your school will use the grant money to pay off your school tuition and fees or pay you directly usually by check. Money is disbursed at least once a semester.
Amount You Can Receive:
The amount of money you will receive from the Pell Grant depends on a few things: your family's income, the cost of attendance, and whether you're enrolled full time or part time.
The 2006-2007 maximum Pell grant available was $4,050. For 2007-2008 it is now $4,310. As you can see, the maximum is subject to change each year depending on program funding.
This money is assisting poor families all around America in sending their kids to college. These kids who receive a college education are adding value to our economy.
How do I get one?
To apply for a Federal grant you have to complete a Free Application for Federal Student Aid (FAFSA). You may choose to do this online or through your school's Financial Aid office.
The first thing that you will need to do before filling out an online FAFSA is obtain a PIN (Personal Identification Number.) You can get a PIN at www.pin.ed.gov.
As you fill out your FAFSA, you will want to have a few documents nearby. Some of these documents are your Social Security card , driver's license, last years W-2 form, last years Federal Income Tax Return, your parents' Federal Income Tax return from the previous year, and a few other things.
When you have finished completing a FAFSA, you will be sent a Student Aid Report (SAR) which tells you if you are eligible for a Federal Pell Grant.
This academic year's FAFSA deadline has already passed. You can't get a 2007-2008 application anymore. Nevertheless, don't give up hope of obtaining a higher education! You can apply for a Pell Grant next year as long as you send in the application by June 30, 2008. Do not miss the deadline again!
