What is a Pell Grant?

A Pell Grant is a Federal Grant that provides much needed financial assistance for those looking for a College education. Pell Grants are accepted at over 5,000 Colleges and Universities in the United States. These are grants and not loans; this means that you are not required to pay them back. The amount of the Pell Grant has been raised to a 5,350 limit through the year 2011. With an added option if you are attending summer school you may qualify for an additional $ 2,675.00.

The way the Pell Grant works is that after you are approved for the grant, the school can take their money for tuition and forward the rest of the grant to you via check. According to the way the grant is set up, each student has to be paid once a year either by semester, trimester or quarter. Before you can count on a Pell Grant to help you along in College you have to qualify. If you meet the eligibility requirements then your chances are looking good.

To qualify for a Pell Grant you must meet these requirements:

• You must show that you are in need of financial assistance by filling out a Free Application for Federal Student Aid or FAFSA. • You must be a United States Citizen, U.S National or an eligible Non Citizen. • You must have a valid Social Security Number • You must have a High School Diploma, GED or pass an approved Ability to Benefit Test • You must pass the academic progress standard • You must be enrolled in a post secondary school • Working towards your first undergraduate degree or teaching credential • You may be registered with the United States Selective Service and are male ages from 18 to 25.

Once you have completed the FAFSA you will also need proof of Tax Returns, W2 Forms, Bank Statements, Mortgage Information, Driver’s License, Social Security Number and Records of untaxed income which is Social Security or any type of Veteran’s Benefits. Any student meeting these qualifications are welcome to apply but families with income that are low as $ 20,000 usually get these grants first.

Most students have the feel to go to College but often don’t want to put their parents into a bad financial situation. It is not just the responsibility of the parents to locate these grants. Students can talk to their Guidance Counselors at school and they can provide information on what grants are available and how and where to apply.

It doesn’t hurt to have more than one grant, talk to your teacher at the beginning to middle of your Senior Year and get started on filling out these applications at once. If you wait for last minute you may have to wait until January to start attending school. Talk to your parents and sit down with them and discuss all of your financial options. Together you can come up with a great plan.