The Pell Grant can be a very important part of a student’s financial aid package if indeed that student is eligible to obtain the grant. There is some information that you will need to know regarding the grant, as you will want to make sure you take the proper steps to give yourself the best chance at qualifying for the maximum amount of grant money possible.
Unlike most other student loans, the Pell Grant is money that never has to be paid back. This is why we say that it can be a very important part of getting an education, as you will not have to worry about paying the money back after you have graduated.
The main thing you need to do to put yourself on track for the grant is to fill out the Free Application for Federal Student Aid (FAFSA). From the FAFSA, the U.S. Department of Education will be able to determine whether you are or aren’t eligible for the Pell Grant.
The process that the U.S. Department of Education uses to determine whether you are eligible for federal student aid, and if you can gain a positive Pell Grant eligibility status is based on using a standard formula that was established by Congress. This formula tries to properly evaluate financial information that is given from individuals through the FAFSA. The formula is based on a number of things including the following items.
- Student’s Income
- Student’s Assets (if student is independent)
- Parent’s Income and Assets (if student is dependent)
- Family’s Size
- Number of Family Members Attending College (parents not included)
From there the U.S. Department of Education uses a number system called the expected family contribution, which is a system that breaks down all the expenses, taxes and assets of the person applying for the grant. The final numbers that come out of the EFC system will tell the U.S. Department of Education if you are eligible for the grant or not.
The process of filling out the FAFSA to obtain the Pell Grant is not a particularly hard process. You can go online and download the FAFSA from a multitude of different websites, and make sure to complete it by the deadline on June 30.