While we have spent the past few blogs exploring the world of federal loans awarded through the FAFSA, it is important to also spend some time on other monies available to students via the FAFSA; monies that do not have to be repaid upon graduation. These typically fall into two categories: work-study and grants. This post will look at the most frequently awarded and coveted grant: the Pell grant.
Unlike Stafford loans, the Pell Grant is money awarded by the government that does not have to be repaid. It is typically awarded to low-income undergraduate students pursuing their first degree, although in some cases it is awarded to students pursuing secondary degrees. This money is looked upon as a “gift”.
Student eligibility for a Pell Grant is based on three things:
- Income level
- Enrollment Status (full vs. half-time)
- Cost of Attendance
It is important to remember that although this is gifted money, you can lose eligibility if any of the above items change or if your GPA falls below the standards.
Remember: The Pell Grant is money awarded from the federal government that you do not have to repay upon graduation. This grant is awarded based on your responses to the FAFSA and factors in your income level, your enrollment status, and cost of attendance.