Are you taking full advantage of your financial aid
opportunities? If you have not yet applied for the Pell Grant, then you may be missing out on millions in federal funding that is currently being unused. In fact, in California
alone, more than 500,000 community college students were eligible for the Pell Grant, but simply did not apply for it, according to the Institute for College Access and Success
As a grant, the Pell Grant does not need to be repaid, making it one of the best financial aid opportunities. In addition, the Obama administration
plans to inject another $40 billion into the program, as reported by the Washington Post.
Understanding the Pell Grant
According to the U.S. Department of Education
, the Federal Pell Grant is a needs-based program that provides financial aid to low-income undergraduate students. You are eligible for the grant if you have not yet received a bachelor’s degree
or another professional degree, and if you meet financial criteria based upon several factors:
- Expected family contribution
- Family size
- Student’s income
- Cost of attending the community college
- Enrollment status and timeline
In roughly evaluating whether or not you would qualify for the Pell Grant, 57% of Pell Grant recipients in 2005 – 2006 had family incomes of less than $20,000 annually, while 90% of Pell Grant recipients in 1999 – 2000 were from families with income less than $41,000 per year. However, if your family income is less than $60,000, you are technically eligible for Pell Grants.
As “free” money, the Pell Grant . . . read more