Pell Grants help qualified students pay for college.
The Pell Grant, formerly known as the Basic Educational Opportunity Grant, is a program that allows low-income students to pay for higher education. Nearly 5,400 institutions of higher learning across the United States participate in the Pell Grant program. Pell Grants primarily are for undergraduate students, though some postgraduate programs are eligible, such as those for aspiring teachers. Those applying for Pell Grants will want to acquaint themselves with the rules and qualifications.
Student Eligibility
Pell Grants exist primarily to help students get their first bachelor's degree. The Free Application for Federal Student Aid form determines general eligibility and a student's expected family contribution (EFC). The amount of an award is then determined as a function of the disparity between the student's EFC and the cost of attending the institution a student chooses.
While the program primarily is designed for undergraduate students, there are some exceptions. Students can receive Pell Grants for post-baccalaureate classes taken to fulfill state requirements for teacher licensure. These classes cannot be classes that lead to a postgraduate degree. Students receiving Pell Grants for these classes also must be enrolled half-time and otherwise be eligible to receive Pell Grants.
Overpayments
Sometimes students will receive Pell Grants in excess of what they actually need to pay their tuition and fees. Students are liable to repay these excesses whenever they exceed $25, as of 2010. Students who refuse or fail to pay back such excesses will be ineligible for further Title IV education funding from the U.S. Department of Education. Students may appeal all excesses and repayments thereof to their academic institution.
Payments
Grants must be paid for each academic period for which they are issued. This payment goes through the academic institution and must be done in the form of a credit to the student's account or a check. If a student fails to collect her check on time, she may still request payment in the form of a check up to 20 days after the end of her last academic term. A student who fails to pick up his check within this 20 day period forfeits his right to the check. Regardless of the previously stated rules, an institution may choose to give the student her check through the next academic period at the discretion of the institution.
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