If you are considering applying for financial aid, you may be wondering what are the Federal Pell grant requirements. Learning everything you can about your financial aid options is a great first step to budgeting appropriately for college. This can ensure that you don’t find yourself at graduation day with a large amount of student loan debt. As with everything related to college, a little planning ahead of time will save you a lot of work and worry later.

The Federal Pell grant requirements start with filing the Free Application for Federal Student Aid (FAFSA). Grant eligibility is determined from the information you provide on the application. For the Pell Grant program, there are income and asset limitations which are used equally for all students who apply for student aid, so you can rest assured that all students who are qualified will be notified they are. The FAFSA is the Pell grant application, so completing it is the first step to getting grant money, as well as other financial aid.

The main requirements for the Pell grant are that a student be low income. The definition of low income is always changing to reflect the composition of the workforce of the US, but in general, students whose income is below $60,000. However, you should apply for financial aid as soon as possible after you have filed your Federal income tax return because there are limited funds available.

Federal Pell grant requirements also mandate that you comply with other rules such as being enrolled in a program toward a first bachelor’s degree.

In other words, you can’t have already earned a bachelor’s degree to receive a Pell grant. You must also be enrolled at a college or university that participates in the program. In addition, you are limited to 12 semesters of grants, so it’s important to plan your schedule carefully. To actually receive the money, you also have to be currently enrolled and making adequate progress towards your degree or certificate.

There are Federal Pell grant requirements that you have to meet to receive grant money. The requirements are very straight forward and the process for receiving a grant is very easy. To get started planning how to pay for college, start by filling out the FAFSA as soon as possible so that you will have information about your grant eligibility and so will your school. The sooner you apply, the sooner you can start planning your future.