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Pell Grants are one of the vital sought-after types of monetary assist. They’re awarded by the federal authorities and could be price as much as $6,495 for the 2021-2022 college yr. But, there’s a variety of confusion about who qualifies and for a way a lot.
Let’s dive into the highest 5 myths about Pell Grants, in an effort to get ALL the grant cash you could be entitled to.
1. Fable: Pell Grants are just for the neediest college students
It’s true that Pell Grants are primarily based on monetary want however award isn’t primarily based solely on household earnings.
Different components embody issues like:
- household earnings
- the price of attendance as decided by your faculty
- the variety of sibling/dependents in faculty in your family, and
- your loved ones’s property.
Consequently, many college students from center class households can nonetheless qualify. The one type wanted to use for the Pell Grant is the FAFSA. Bonus: The massive plus to filling this out is that’s it may possibly result in college grants and scholarships that may in the end get you much more cash along with the Pell Grant.
2. Fable: Pell Grants are all or nothing
You won’t get the total $6,345 obtainable through the Pell Grant. However wait! That does not imply that you’re going to stroll away empty-handed, both. You might qualify for $500 or $2,000—or actually any quantity as much as the utmost award.
However know this: On the subject of faculty, any free cash is nice.
See additionally: What Is the Pell Grant Lifetime Restrict? (And Does It Apply to Me?)
3. Fable: When you qualify as soon as, you’ll qualify yearly
Pell Grants are awarded one yr at a time, primarily based in your funds and price of attendance for a given yr. Which means you have to reapply yearly.
Your eligibility might change from year-to-year for a number of causes. Maybe you might have transferred faculties or moved to part-time enrollment.
Or, maybe your loved ones’s monetary scenario modified. If a guardian misplaced a job, there was a divorce, or a member of the family turned disabled, your eligibility might change. That is why it is essential to fill out the FAFSA each fall.
4. Fable: Pell Grants don’t have financial-need exemptions
Some pupil could also be eligible for bigger Pell Grant awards due to non-financial circumstances.
Youngsters of service members who died on account of army service in Iraq or Afghanistan after the occasions of 9/11 could also be eligible to obtain the utmost Pell Grant quantity, no matter household earnings. For extra on federal assist for service members and their households comply with this hyperlink.
5. Fable: You may’t qualify for a Pell Grant after your 4th yr of faculty
Pell Grants have a most availability of as much as 12 semesters of faculty. This helps when you’re a double main or simply taking a bit longer to graduate. In different phrases, you don’t have to finish faculty in 4 years.
For additional studying, try What You Have to Know About State Grants and Scholarships
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