Pell grants can be considered, a federal government grant program that assists students in paying their college if they do not come from a financially sound background. This particular federal government grant comes as free money and is available solely to students fighting financial crises. Furthermore, the grant is strictly for those who failed to earn their first bachelor’s degree or wish to enroll in any post baccalaureate courses. The grant can easily be availed through the participating institutions and can be a great help to American students willing to pursue higher studies.
Pell grants, named after the honorable U.S. senator and Democrat of Rhode Island, Claiborne Pell were originally called the Basic Educational Opportunity Grant.
Referred to, as the foundation of financial aid to which, other kinds of aids are also added, they essentially come as a financial aid package.
Around 5400 postsecondary institutes in America participate in Federal Pell grant program. This particular government grant is mainly sponsored by the Department of Education of the United States and the aid provided to only those who qualify on the basis of their financial need. Pell grants come under the legislation act named the “Higher Education Act of 1965”and student loans, which need not be repaid. There is around 5.4 million full and part time college as well as vocational school students aided by this grant program in all over the nation. For the 2010-2011 seasons alone, a total amount of $1.9 billion has been awarded to students of the top 4 universities in the United States.
While the average award is in the range of $3000, it can be anywhere between $550 and $5000, based on the student’s needs. The maximum award of $5500 increases year-on-year, on the basis of the cost of living index. Unlike some limited funding loans, Pell grant applicants get it all if they qualify and none if they don’t. However, they also need to maintain the deadline in order to qualify for the grant.
Furthermore, when it comes to Pell grants there are certain things that you need to keep in mind. Always submit the FAFSA forms – the foremost criteria for qualifying for the grant, even if you think you might not. Go for the FAFSA renewal to remain qualified. Last but not least, spend!, If you are planning on buying something, before filling is a great time so you can show you’re broke. Pell grants can be easy, if you know what is required out of you.