A federal Pell grant is given to students who need help to pay their college tuition. The money is distributed by the Department of Education. Recipients can receive up to $5,000 per school semester if they qualify. This amount can change depending on the amount of funds available. The federal Pell grant is a good resource for those students and parents who can't afford college tuition.
Significance
Those who apply for a Pell grant are screened to determine if their income guidelines meet the standard. Each applicant must prove that they have a financial need. Once that is determined, they may receive enough funds to pay their entire college tuition. The best thing about a Pell grant is that it does not have to be repaid. It is considered federal money.
Features
Pell grants are available to those who have a high school diploma or GED. They must also be a U.S citizen or permanent resident. An applicant's grades are also taken into consideration and once approved for a Pell grant, each applicant must maintain a certain grade point average while attending college. The applicant also cannot be in default on any school loans.
Function
The Pell grant can be used for tuition, books or other college expenses. In order to determine the amount the applicant should receive, a formula called the expected family contribution (EFC) is used. If the EFC is a low number, that means the applicant's need is great and they may receive the full grant. If the applicant's EFC number is high, their need is not as great and they may receive less grant money.
Benefits
In some cases, if you have a significant amount of medical expenses, you may inform the financial aid office to which you are applying and they may determine that you qualify for more aid. If you have a disability, this should also be indicated as this may affect the amount that you receive. The financial aid office may determine that as a result of your disability, you have incurred expenses and the amount of your aid may increase.
Effects
In some cases if you have a significant amount of money in the bank, this may affect the amount that you receive. The award that you receive may be more if your family's income is below $20,000. Pell grants are also awarded during the summer term, but the amount that you receive may be less.
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