With the price of secondary education already high and only getting worse most students cannot afford the costs out of pocket.The Federal Pell Grant program provides needs-based money to individuals who are attending an accredited institution of higher learning and do not need to be repaid.
The Pell Grant is the extremely popular program that has helped many aspiring students pay for higher education. It was originally called the Basic Educational Opportunity Grant program and is sponsored by the US Department of Education. All types of post secondary education have become more expensive in recent years from vocational training schools to liberal arts colleges. The combined costs of tuition, books, supplies, and housing is so great that very few students are able to afford it without assistance. Most rely on a combination of work, grants, savings, loans, and scholarships to cover all of these costs. Of all these options only Pell Grants are awarded to applicants who need them because of financial hardship and do not need to be repaid.
The Pell Grant is awarded on a needs-basis. This means that it is for students who would otherwise have difficulty affording the school they want to attend. Unlike scholarships it is not given for past achievement or exceptional talent in a subject and unlike loans its never has to be paid back. Students must demonstrate need and then can receive over $5,000 for school expenses.
The way financial need is determined is through the Free Application for Federal Student Aid (FAFSA). This form records a students financial situation and if that student is a dependant the parents finances as well. This information is used to determine an Expected Family Contribution (ECF), the amount of money the department of education believes an applicant can afford to pay out of pocket.
The ECF is found by combining the family’s or student’s income and assets and then subtracting for household size, number of dependents, and dependents in school. The ECF is then combined with other factors including the price of the school attended and enrollment status. Following a FAFSA submission students and the academic institutions in which they are enrolled receive a Student Aid Report. This report indicates if a student is eligible for money and what amount.
If you are eligible for a Pell Grant award it will most likely be paid directly to the institution you are attending. Accredited institutions of higher learning work closely with the US Department of Education to help needy students get the assistance to which they are entitled. If you are interested in attending a post secondary college or training program and do not believe you can afford it you are probably eligible for assistance. The school which you would like to attend or are currently enrolled in will have more information regarding Pell Grants and how to apply