Getting a higher education requires money. The rising cost of attendance can put a significant strain on your family’s finances. However, this should never be a hindrance to getting that degree. The Federal government has put forth ways to help finance college, one option is to apply for a Pell Grant . Unlike loans, the Pell Grant is need-based and is not repaid.
To apply for a Pell Grant, you should meet several eligibility requirements. These include your Estimated Family Contribution (EFC) which demonstrates financial need, being a citizen of the United States or a qualified non-citizen, and current enrolment in a qualified undergraduate or vocational program. Other documents which you need to provide include a high school diploma or a GED Certificate, and a filled out Free Application for Federal Student Aid or FAFSA. The application form is available on the FAFSA-US Department of Education website. Not only is this convenient, but you can edit your application anytime, and get updates on whether your application is approved or not.
If you apply for a Pell Grant for the 2011-2012 award year, you can get a maximum of USD 5,500. Although this amount is small when juxtaposed to the actual cost of attendance, which can easily be around USD 40,000 to 100,000, it is never insignificant. The Pell Grant can cutback in schooling debts and can help by relieving some pressure on your family’s finances.
Aside from need, the award’s amount is contingent on whether you are taking a part time or full-time and your plans to attend school for a full academic year or less. You may only apply for one Pell Grant every award year. If your application is approved, the money can be sent to the school directly or to you in form of check. It is possible to combine the Pell Grant with other loans and grants sourced from the Federal government, private institutions, and lending companies.
Indubitably, finishing a higher education program puts you at a better position to secure a better life for yourself and your family. Around the world, those who have this credential tend to have better employment opportunities, higher pay, and more importantly, a sense of personal achievement.
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