Is A $6,495 Pell Grant Your Best Bet To Pay For College?

What is a Pell Grant?

A Pell Grant is a form of financial aid that comes from the federal government.

How much is a Pell Grant worth?

The maximum Pell Grant award equals $6,495 per year, which can undoubtedly make your cost of getting a degree much more affordable.

What’s the difference between a Pell Grant and a student loan?

Many people looking to go to college immediately apply for student loans. This could be due to the fact that loans are so well-known, or the student doesn’t think they have the grades or resume to qualify for scholarships.

Lesser-known grants may be the best form of financial aid around, however. Not only do they skip the merit-based path that competitive scholarships take, but they do not have to be repaid like student loans. In other words, if you qualify for a Pell Grant, you won’t have to worry about making any payments in the future, which can help you focus on your studies.

Does a Pell Grant only pay tuition?

Besides its hefty $6,495 sum, the Pell Grant’s most attractive feature may be its flexibility.
Unlike other forms of student financial aid that may be restrictive, you can use Pell Grant funds to pay for a vast range of expenses.

This is excellent news for someone who may have children, as you can use a Pell Grant to pay for child care.
Likewise, you can use it to pay for dependent care. And if those aren’t costs you have to worry about, you can always use your Pell Grant cash to cover as much of your tuition, housing, or books as possible.

Do you have to go to a four-year school?

Here’s another area where a Pell Grant’s flexibility shines. Sure, you can use your Pell Grant to get your degree at a traditional four-year school. But you can also use it to go to an online school or a career school, provided that it’s accredited. And if you’re taking the community college route to start, that won’t be an issue either, as Pell Grants work there.

Is there an age limit for Pell Grants?

No, which may be surprising news that adults looking to go back to school will love to hear. There is no age limit when applying for a Pell Grant, so you don’t have to be fresh out of high school or in your 20s to do so.

Does your credit score matter?

Your credit score will not be checked when applying for a Pell Grant, as it is not a loan. And while we’re at it, your grades will not matter either since Pell Grants are need-based and not merit-based. So, if you feel like your past could hinder your Pell Grant eligibility, don’t.

What does matter when applying for a Pell Grant?

Your eligibility for a Pell Grant will depend on several factors. Your financial need sits atop the list, followed by your student status (part or full-time), your school’s acceptance by the Department of Education, how much your school costs, any degrees you have, etc.

How do you apply for a Pell Grant?

Click here to complete and submit your FAFSA application, which will determine Pell Grant and school financial aid eligibility at the same time.