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For millions of students pursuing higher education each year, paying for college is one of the biggest challenges. Tuition, fees, room and board, books, and other costs can add up quickly, leaving many wondering how they'll afford their education dreams. Thankfully, the Federal Pell Grant program provides crucial financial aid that doesn't need to be repaid.
The Pell Grant is a subsidy awarded to undergraduate students who display exceptional financial need. Unlike a loan, the Pell Grant is essentially free money that can be applied directly to educational expenses. The amount a student receives is calculated based on their Expected Family Contribution, the costs to attend school, their status as a full-time or part-time student, and whether they plan to attend for the full academic year.
For the 2022-2023 school year, the maximum Federal Pell Grant award is $6,895. The amount of aid a student qualifies for can change yearly based on program funding set by Congress. In general, students with an lower Expected Family Contribution will be eligible for a larger Pell Grant amount. Your EFC is determined by the government's analysis of your FAFSA (Free Application for Federal Student Aid) form.
Pell Grants are considered a foundation of federal financial aid, to which other forms of aid can be added. Students could receive scholarships, work-study funds, and federal student loans in addition to the Pell Grant. Together, these various "gift aid" funding sources can drastically reduce or even eliminate reliance on burdensome private student loans.
To be eligible for the Pell Grant program, students must complete the FAFSA, be enrolled in an accredited degree or certificate program, have not yet obtained a bachelor's degree, and maintain satisfactory academic progress in their studies. Both full-time and part-time students can qualify. And the best part is that Pell Grants don't need to be repaid, unless you withdraw early from your program.
The Pell Grant has opened the doors of higher education for tens of millions of students since it was established in 1965. Ultimately, it aims to ensure that financial barriers don't prevent qualified students from accessing the opportunities and benefits that come with a college education. As tuition costs continue rising, federal grants like the Pell will remain an indispensable resource for students needing aid.
The Pell Grant is a subsidy awarded to undergraduate students who display exceptional financial need. Unlike a loan, the Pell Grant is essentially free money that can be applied directly to educational expenses. The amount a student receives is calculated based on their Expected Family Contribution, the costs to attend school, their status as a full-time or part-time student, and whether they plan to attend for the full academic year.
For the 2022-2023 school year, the maximum Federal Pell Grant award is $6,895. The amount of aid a student qualifies for can change yearly based on program funding set by Congress. In general, students with an lower Expected Family Contribution will be eligible for a larger Pell Grant amount. Your EFC is determined by the government's analysis of your FAFSA (Free Application for Federal Student Aid) form.
Pell Grants are considered a foundation of federal financial aid, to which other forms of aid can be added. Students could receive scholarships, work-study funds, and federal student loans in addition to the Pell Grant. Together, these various "gift aid" funding sources can drastically reduce or even eliminate reliance on burdensome private student loans.
To be eligible for the Pell Grant program, students must complete the FAFSA, be enrolled in an accredited degree or certificate program, have not yet obtained a bachelor's degree, and maintain satisfactory academic progress in their studies. Both full-time and part-time students can qualify. And the best part is that Pell Grants don't need to be repaid, unless you withdraw early from your program.
The Pell Grant has opened the doors of higher education for tens of millions of students since it was established in 1965. Ultimately, it aims to ensure that financial barriers don't prevent qualified students from accessing the opportunities and benefits that come with a college education. As tuition costs continue rising, federal grants like the Pell will remain an indispensable resource for students needing aid.
