What is a Pell Grant?
Answer:
A Pell Grant is a Federal funded grant awarded
to college students with family incomes up to $50,000. College is expensive and the majority of undergraduate and graduate students apply for financial aid. Since the number of grant recipients is small, most students apply for student loans.

A Pell Grant differs from a Federal or private student loan in that a grant does not have to be repaid. Unfortunately, this type of grant is only for students with a financial need. In fact, a large percentage of Pell Grants are awarded to students with family incomes less than $20,000.

The U.S. Department of Education determines an applicant’s eligibility for a Pell Grant. Several factors are taken into account such as their total education costs, family income, and size of family.

The maximum Pell Grant per academic year is approximately $4,050. If a student’s education expense exceeds this amount in any year, he or she must apply for additional funds from a private lender. Funds can be used to pay for tuition and fees, supplies, books, room and board, and other education related expenses. Pell Grants are either disbursed directly to the financial institution, or paid to the student by check.
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