Pell Grants are free types of educational funding offered through the FDSLP or Federal Direct Student Loan Program. Like most other grants, money awarded to students through this program never has to be repaid by the student. In this sense, Pell Grants really are free money for college. However, there are certain requirements that must be met in order to qualify for this or any other type of federal aid,
including Stafford Loans, Perkins Loans, the ACG, Smart Grants and federal work study. All of these programs use the FAFSA as the primary means of application, but the Pell Grant seeks very specific criteria.
Basic Requirements for the Pell Grant: All students applying for federal aid via the FAFSA must be US Citizens and be enrolled at least half-time. The Pell Grant requires that a student be in an undergraduate program, and that the student does not possess a bachelor’s degree already. However, some students who are completing post-baccalaureate programs that will lead to a teaching degree or certificate may be eligible for this grant.
Financial Requirements for the Pell Grant: This type of federal educational funding is reserved for students with financial need only. Financial need is calculated using a formula to assign an EFC or Expected Family Contribution amount to a student. This amount determines the total that the family is expected to pay (if reasonably able to do so) as their “contribution” to the student’s education. Low income families will receive a lower EFC which increases the amount of federal awards their children can get.
In order to verify the financial information used to calculate the EFC, a student will be required to submit details regarding their personal finances and assets and that of their parents as well. In some cases, hard copies of tax records or other documents may be required, so students should be prepared with any relevant information prior to filling out the FAFSA for a federal Pell Grant.
Find out more details about the Pell Grant now.
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