Are you taking full advantage of available financial aid opportunities? You may be missing out on millions in federal funding for continuing education that is currently being unused. Federal Pell Grants are the most popular source of educational aid.
What are Federal Pell Grants?
The Federal Pell Grant Program provides grants to low-income college students based on financial need with the intent to promote access to postsecondary education. The maximum Pell Grant for the 2022-23 award year is $6,895. Grants are not loans. You can receive this assistance for up to 12 semesters and are not required to pay back the funds.
Who is Eligible for Federal Pell Grants?
Federal Pell Grants are direct grants awarded through participating institutions to students with financial need who have not received their first bachelor's degree or who are enrolled in certain post-baccalaureate programs that lead to teacher certification or licensure. Students may not receive Federal Pell Grant funds from more than one school at a time. The amount that you will receive depends on your:
- Financial Need.
- Cost of attendance
- Status as a full-time or part-time student, and
- Plans to attend school for a full academic year or less
How do I apply?
The best way to apply is to start by submitting a Free Applicatino for Federal Student Aid (FAFSA) form. The school will use this form to determine your eligibility for a Pell Grant, and how much money you could receive to go back to school. You will have to complete the FAFSA for for every year you want to receive financial help to go to school.
How much money can I get?
Amounts can change yearly, but current maximum Federal Pell Grant award is $6,895 for the 2022-23 award year.
As its the federal grant, college you are studying in can disburse you with the total grant via check or paying you directly. The point to remember is that an applicant for refund must show the expenditures on your taxes when you don't spend the awarded grant for educational expenses.
