Federal Pell Grant

Students who wish to get a post-secondary education need not snuff out their dreams due to a lack of finances.  They can continue with their college education with the help of the Federal Pell Grant.  This educational funding facility has been in place since mid-1960s, granting financial assistance to students who qualify to the program based on established financial need. 

While there are no grade requirements or any other academic requirements other than a high school diploma that are asked of applicants of this federal grant, students who wish to apply for this grant should do so at the soonest possible time as applications are reviewed and granted on a first come-first serve basis.  You can find out more about what this federal grant requires through its official website.

Through the years, the maximum amount that an eligible student can get by way of financial assistance has increased to cope with the rising cost of education.  The maximum grant through the year 2011 is pegged at $5,550.  This amount is set to be adjusted on an annual basis depending on movements on the Consumer Price Index.  This, however, does not mean that every eligible student will be granted this maximum amount.  The federal pell grant money each student will receive will depend on a number of factors as determined by the Expected Family Contribution (EFC) computation of the US Department of Education using the information included in the application documents.  Studies show that those families with incomes $40,000 and below to be the source of most Pell grant recipients.        

Among the documents that you should be ready with would be your parents’ previous year’s tax returns and W2 forms, your driver’s license, and your past few months’ bank statements.  You should also secure a Free Application for Federal Student Aid or FAFSA form from your school’s financial aid office.  Once you have filled this form out and sent it in, you can expect to receive a Student Aid Report or SAR through the mail.  This report will tell you whether or not you qualify for a grant and how much you are entitled to in financial assistance.   Your SAR would also contain information about what you have to do to claim your Federal Pell Grant money.