Julia Anderson
You may have your eyes set on scholarships to help pay for school, as well as student loans. And while both are common ways to pay for college, there’s another way that’s even better: Pell Grants.
What makes these grants better than scholarships and student loans? Unlike scholarships, Pell Grants are based on financial need and not merit, which can make them easier to receive. And unlike student loans, you don’t have to pay back Pell Grants, which can keep you out of debt once you graduate and begin your career.
2023
Tax Forgiveness
We know how challenging it can be to pay off your tax debt.
The IRS just announced the 2023 Fresh Start Program, to qualify more people for tax relief!
With that out of the way, let’s look at some Pell Grant facts to familiarize you with how they work.
1. You can’t get a Pell Grant without filling out a FAFSA.
The Free Application for Federal Student Aid (FAFSA) is your key to getting a Pell Grant. This form runs through the Department of Education and determines if you have sufficient financial need to qualify for a Pell Grant.
Not only will your FAFSA determine Pell Grant eligibility, but it will also be used to see if you qualify for other financial aid from schools you wish to attend. As such, you’ll want to complete and submit this form as soon as possible so you can figure out your finances before heading off to college.
2. A Pell Grant is worth this much.
For the 2022-2023 school year, the maximum Pell Grant award is $6,895. What determines if you can receive the maximum amount? Your family’s level of financial need. The greater that need, the greater the award.
The award calculation doesn’t stop there, though, as your student status will also be considered.
If you’re only going to study part-time, you will probably receive less than the max.
3. Pell Grants cover more than just tuition.
Your tuition is just one piece of the puzzle when it comes to the costs of going to college. You still have housing, books, transportation, supplies, etc., to consider, which is why it’s great to know that Pell Grant money can be used for all of the above.
4. Pell Grants are good for each semester.
Instead of being a one-time deal, Pell Grants can hit your bank account each semester, provided your FAFSA is in order, and your financial need still meets the eligibility requirements.
Spring and fall semesters are a-okay for Pell Grants, and thanks to some new changes, so are summer classes.
5. You can’t receive Pell Grants past a certain point.
You’ll have 12 semesters to receive Pell Grants. After that, you’re on your own.
6. You can lose your Pell Grant if you’re not careful.
There’s a minimum GPA you’ll have to meet to maintain your Pell Grant eligibility. Fall below it, and you could miss out on that extra money. Your school will know what the minimum is.
7. Some schools do not accept Pell Grants.
Check with the schools you’re looking to attend to see if they accept Pell Grants. Thousands do not.
