subject: The Truth About Pell Grants [print this page] As students approach the end of high school they must consider their next step. Some will enter the work force, while others will attend college and continue their education. Unfortunately, this decision is not always based on what the student wants. Too often there is a financial burden that cannot be met. This prevents many kids from advancing to college, and that includes those that might otherwise be a successful college student. Thankfully, there are ways to get money for college through grants and loans, assuming the student in question fits the criteria. Grants, in particular, are popular because, unlike traditional loans, they do not have to be repaid. Pell grants could very well be the key to a student's post-secondary education.
Grants, such as Pell Grants, are typically implemented and distributed by the federal government. Some grants take into account a student's academic performance while others account for a particular field of study such as science or mathematics. This means that students with excellent grades or those studying a particular field have an advantage over others for qualifying for certain types of grants.
In particular, Pell Grants are given on an as-needed bases. These types of grants are focused on those with low-income situations for both undergraduate and post-graduate students. This means there is no competition with those who excel academically or who are targeting their studies in a particular field. They are available to those with a real financial need, however there are some prerequisites.
To start, anyone who applies for a Pell Grant must be a citizen of the United States. They must have their high school diploma or GED as well. There are no exceptions made for these requirements. Any student applying for a grant of this type must also be able to prove their low-income status or their need for federal aid due to their financial status.
There is a standard formula used by the government to establish one's financial need. Some of the variables factored into this formula are the students income and assets as well as the income and assets of his or her parents. Other factors include the size of the household and the number of other family members who are also attending post-secondary schools.
And while there are a variety of factors that determine one's eligibility for such a loan, there are also variables that determine the amount of the load should one qualify. These can include but are not limited to how much money the family can contribute, the price of tuition at the institution of choice, and whether or not the student will be attending full time or part time.
Of course these loans can make a real difference and can help financially disadvantaged students afford to continue their education, but there are limits. Currently, the maximum aware a student may receive is 5350 dollars for a given school year. Only one award is granted per school per year, and applications for a given year must be received by the end of June for the upcoming school year.
While there are restrictions in place for Pell Grants, they are generally there to help to insure that those with the most need obtain the funds they require to further their education. For those that qualify, they can be the difference between a high school diploma and a college degree.
