What About Considering Federal Pell Grant? Visit Here.

Federal Pell Grant is a program directed towards providing financial help to the college students and is highly accessible. It is very unique because it provides government funding for education and is a limited source. This means students need not pay back the amount awarded by pell grant on terms of eligibility criteria. However, grades are not included.

Depending on the family’s contribution, the eligibility criterion is imparted to the students. Those who are facing financial hardships are awarded. The award amount received by the students every year changes and the program is flexible. Who decides the funding of the program? Well, the federal government. By imposing restricts, the amount of award is also controlled. The contribution expected from the family; collegiate classes’ cost and the student’s full time or part time enrollment status are some of the other factors that decide the amount of award. During 2008-2009 a student could be awarded $ 4,731.

The difference between the federal loan program and the federal pell grant program is that the loan program has an upper amount beyond which extra amount cannot be borrowed by the students. However, there is lifetime maximum to the pell grant program. The limitations are imposed by the students themselves. Depending on how much time it takes for the students to complete their bachelor’s degree, the funds become accessible. The funds become accessible after eight years if the duration is eight.

The first step to apply for pell grant requires completing FAFSA. It must be filled with honest answers as incomplete or false information can bring severe penalties. One the most important sections to be filled in FAFSA is the expected family contribution. For calculating it you can take assistance if you don’t know how to proceed.

It is very important to complete the FAFSA form as it is a major factor that contributes in qualifying for federal loans. Your college will receive the form and the financial office will decide what amount you need to pay by deducting from the cost of your courses the expected family contribution.

If you are eligible then an award letter will be sent to you through the federal pell grant with all details. During this time period you may look for additional possibilities to receive federal funding as the pell grant program only covers 60% of what you incur for your studies. So keep in mind any additional sources for aid.