Pell Grant
The Pell Grant was originally known as Basic Educational Opportunity Grant program and is named after US Senator Claiborne Pell. It is considered as the largest federal grant program offered for financial needs in the field of education. You can apply for the Pell Grant by submitting a FAFSA form, which will then be studied by the US Department of Education in detail. When you are granted the Pell Grant, then you will be paid directly or the college you are interested in will be credited with the grant amount. The Pell Grant is given only if you are interested in an eligible school which is listed in the grant. The advantage of a Pell Grant is that you don’t need to earn any academic grade point average to be eligible for it. Also unlike a loan it needn’t be paid back.
You will need to be a citizen of the United States of America to receive the Pell Grant. Even eligible non-citizens can apply for it. You will need to check the list on the internet. You will also need to have a high school diploma; GED or display the ability to gain from the program you will be offered. You should be pursuing your first undergraduate degree to be eligible for this grant. Incarcerated students are not considered for the Pell Grant. Also if you have defaulted on a title IV loan or owe a refund on a title IV grant, then you will not be considered for this grant. Lastly males who have not registered with the Selective Service will also not be considered eligible for the Pell Grant.
The Pell Grant can be very handy to anyone who has a low income and are under graduates or are post baccalaureate students (in certain cases). The grant amount will depend on various factors. They would include the contribution made by the student’s family, the cost of attendance, the duration of the academic year which will be attended by the student and finally the student’s enrollment category – full-time or part-time.
The maximum amount which is awarded to a student under the Pell Grant is $4,731. But this amount is valid only from the period between July 1, 2008 to June 30, 2009. This maximum amount can change from one academic year to another academic year. The funds under the Pell Grant should be distributed to the students at least once per term (semester, trimester, or quarter). In case the schools do not use semesters, trimesters, or quarters then they must distribute the funds at least twice per academic year.
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