Are you looking for a way to create a better life for yourself and your family? If so, you might be thinking about going back to school. Unfortunately, there are a lot of people who find the cost of going back to school prohibitively expensive.
Making the Price of Education More Affordable With Grants and other alternative options in the market. It is true that going back to school can be costly, but there are ways for you to make it affordable. For example, you could receive up to $6,895 per year just for going back to school. What do you need to know about financial aid? Learn more about a Pell Grant below, and consider applying for one yourself.
An Overview of a Pell Grant
One of the best parts of applying for a Pell Grant is that the money does not have to be repaid if you qualify. Unfortunately, a lot of people do not even realize that they could be eligible for a Pell Grant.
The Pell Grant program has been around for decades. It started in 1965 as a part of the Higher Education Act, and the entire purpose of the program is to make it easier for students from middle and low-income backgrounds to make it easier to go to school.
Even though the Pell Grant might provide you with $6,895 right now, the amount could go up over time. The program is reviewed annually, and the amount can be adjusted if the price of higher education continues to rise.
Making the Price of Education More Affordable With Grants: More on Pell Grant
If you are interested in applying for a Pell Grant, you will need to submit an application. Like other forms of financial aid, you should always start by filling out the FAFSA. Filling out this form is important because it will provide the administrative board with information they can use to see if you are eligible for a Pell Grant.
Filling out this application is also important because it could allow you to qualify for other forms of financial aid. Some forms of financial aid might include grants, while other forms might be loans. Keep in mind that even if you qualify for the Pell Grant this year, you will need to fill out the FAFSA again next year. That is because your eligibility is reviewed annually, and it can ensure that you receive all the financial aid to which you are entitled.
Even though there is not necessarily a deadline by which you need to file your application, you need to submit your FAFSA as soon as possible. That is because there are rolling deadlines for a variety of other forms of financial aid. You need to make sure you do not miss any deadlines, so it is always better to submit this document sooner rather than later. If you want to learn more about your opportunities, take a look at this website.
Who Gets a Pell Grant?
After filling out your application, you might be wondering whether you will qualify for the Pell Grant itself. There are a few eligibility criteria that you need to meet. They include:
- You need to showcase that you have a financial need for assistance.
- You must prove that you are a citizen of the United States or qualify under an eligible immigration status.
- The Pell Grant program is available to undergraduate students. You can receive a Pell Grant regardless of whether you are full-time or part-time, but you cannot be a graduate student.
- There are some post-baccalaureate teacher certification programs that also qualify for a Pell Grant.
- You cannot be incarcerated.
If you meet all of the criteria above, you should be eligible for the Pell Grant. Keep in mind that there are experts who can help you if you have questions about your eligibility.
How Long Can You Receive a Pell Grant?
If you want to continue receiving the Pell Grant, you will need to reapply every year. That means that you need to resubmit your FAFSA as well. In general, you can receive this grant for a total of 12 semesters. That means you can receive a Pell Grant for six years, which should be enough time for you to complete your college education. You could work with an advisor at your academic institution who can make sure that you are on track to graduate before your eligibility runs out.
How the Aid Is Applied?
In general, you should expect the a from a Pell Grant to be applied directly to the cost of your education. If you take a look at the statement of the money you owe, you should see the cost of debited from the remaining balance. In some cases, the school will deduct it directly from your tuition, or you will see it applied as a credit from the federal government. Regardless, you should not have to worry about paying back this money.
Because the Pell Grant is a grant, it is a form of financial assistance that you do not have to repay. You should not have to pay taxes on it, and it should be viewed as a gift towards your higher education.
Keep in mind that if your enrollment status changes, you might need to repay the Pell Grant. That is because this award is only meant for certain people who meet the eligibility criteria listed above. If the government feels like you were wrongly granted this source of financial aid, they can ask for it back.
Making the Price of Education More Affordable With Grants: Expense Management
Clearly, you should think about applying for a Pell Grant if you are considering going back to school. If you are deemed eligible for this program, you should not have to pay the money back. On the other hand, there might be other expenses that you still need to cover. Some of the most important tips you should keep in mind include:
- Consider applying for other scholarships that can cover other aspects of your college education. There might also be some scholarship opportunities available for people from disadvantaged backgrounds.
- You might want to see if your university has a work-study program. Essentially, you will work as a student and some area of the university in exchange for financial aid.
- Do not forget to submit the FAFSA every year. Even if you do not qualify for the Pell Grant, you may qualify for other types of financial aid.
Keep in mind that if you work while in school, it can help you get a job in your desired field after you graduate. It might not sound like a lot of money, but it can make a major difference in the long run.