Federal Pell Grants For College

We talk often (on StudentLoansForCollege.org) about the importance of educating yourself on the various forms college financial aid beyond just student loans. The Federal Pell Grant Program is one form of federal financial aid for college which you may be eligible to receive.

What is The Federal Pell Grant Program?
The Federal Pell Grant Program provides need-based grants to low-income undergraduate (and some post-baccalaureate) college students. The Federal Pell Grants are direct grants, awarded through participating schools to students who demonstrate a great financial need. These participating schools and/or colleges will either credit the Federal Pell Grant funds to the student’s school account, pay the student directly or combination of both. Grant amounts are dependent on: the student’s expected family contribution (EFC), the cost of attendance, enrollment status (full-time or part-time) and whether the student attends for a full academic year or less.

How do I Apply for a Federal Pell Grant?
Applying for a Federal Pell Grant is easy, simply file a FAFSA (which every college student should be doing anyway!). Your financial need will then be determined using a formula to evaluate the financial information you provided on the Free Application for Federal Student Aid (FAFSA). The formula’s factors will included: student’s income (and assets if the student is independent), parents income and assets (if the student is dependent), family’s household size, and the number of family members (besides parents) attending post-secondary schooling. After filing a FAFSA, you will receive a Student Aid Report (SAR), or the institution receives an Institutional Student Information Record (ISIR), which will notify you if you are eligible for a Federal Pell Grant.