subject: Federal Pell Grant [print this page] Author: Author: . Johnson" href="http://www.articlesbase.com/authors/richard-s.-johnson/241014.htm">Richard S. Johnson
One of the most highly accessible grant programs directed toward helping college students with financial concerns is the Federal Pell Grant program. These grants are unique in that they are one of a limited source of free government funding for education. That is to say, students who qualify for a Pell Grant are not required to return the money. Further, the criteria used to determine eligibility do not include grades. Since it is needs-based, the Federal Pell Grant program determines eligibility through the computation of the student's Expected Family Contribution. Awards are given to students who can demonstrate financial hardship. Further, the amount of the monetary award which students may receive from the program is flexible, changing every year. The federal government determines the overall funding of the program, which in turn imposes restrictions on the amount of the award. Other criteria which determine the amount of the award are the cost of the collegiate classes, the amount of the Expected Family Contribution, and the student's enrollment status, either full time or part time. During the 2008-2009 academic year, the amount which a student could be awarded was capped at $4,731. Click Here to Browse All Available Scholarships and Grants! The Pell Grant Program and the federal student loan program differ in one significant factor which is that with the Pell Grants, students have no lifetime maximum. In the federal student loan program, there is an upper amount beyond which the student cannot borrow. The only limitations imposed upon the Pell Grant Program are by the students themselves and by the amount of time they need to achieve a bachelors degree. That is, if the student takes eight years to obtain his first bachelors degree, the funds will be accessible for eight years. There is but one method to apply for a Pell Grant and that requires completing the FAFSA. You must be certain to answer the questions honestly since not fully reporting assets or income can bring severe penalties, which may include incarceration. The FAFSA comes up with the Expected Family Contribution calculation. Even should you believe that your family exceeds the criteria regarding money and assets, it is best go ahead and complete the application. The calculation in very involved so it is conceivable that you may qualify for assistance of which you are not aware. Another use of the FAFSA is in qualifying for federal loans so, again, the best option is to complete the form. The form itself will be sent to your college and the office of financial aid will deduct the Expected Family Contribution from the cost of your courses, which will result in the amount that you have to pay. In the event that you are approved for funds through the Pell Grant, you will be sent an award letter outlining the details. Nothing further must be done on your part to see that the money is made available to your. During the interim, look for additional opportunities to obtain financial aid. Typically, any funds that you receive from a Pell Grant will not cover the total expenses that you will incur for your studies, so you must search out and be aware of additional sources of aid. **URGENT** Just Released. Enter to Win a scholarship. All you have to do is sign up and you can win a $10,000 scholarship. The next drawing is soon, so do it now! Click Here to See Which Free Programs are Available to You!About the Author:
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