Your school can apply Pell Grant funds to school costs; pay you directly, usually by check; or a combination of both.
The school also has to disburse Pell Grant funds once a semester or twice during the academic year. Usually, the college first applies the grant or loan money toward a student's tuition, fees, and room and board, if the student lives on campus. Any money left over is paid to the student for other expenses such as books, living expenses, and transportation.
Get tips now. List of Partners vendors. Some may dismiss the idea of applying for financial aid for college because they think they make too much money to qualify. But regardless of their family earnings, they may be eligible for some form of financial assistance, including federal, state, and school-based aid and merit-based scholarships. The primary purpose of the FAFSA is to determine how much financial aid a student qualifies for, including both need-based and non-need-based aid.
It determines eligibility for federal need-based grants including the Pell Grant and Federal Supplemental Educational Opportunity Grants FSEOG ; subsidized federal student loans, which are based on need; unsubsidized federal student loans, which most students qualify for regardless of need; federal work-study; state-based financial aid, including grants, scholarships, and loans; school-based financial aid, including need-based grants and scholarships, and school-based merit aid since many schools require the FAFSA to be on file before any aid awards are distributed.
To determine a family's financial need, the FAFSA asks a series of questions about the parents' and student's income and assets as well as other factors, such as how many children there are in the family. It does not indicate how much the student must pay the college. It is used by the school to calculate how much student aid the applicant is eligible to receive.
The FAFSA is the official form that students or their families use to apply for financial assistance for college from the federal government. States, individual colleges and universities, and private scholarship programs rely on the information provided in the application as well. Those assets include bank accounts and investments but excludes the value of retirement accounts, life insurance policies, and annuities.
Any equity in the family home is also excluded. The information you supply on the FAFSA determines whether you qualify for need-based aid, non-need-based aid, or some combination of the two. Grants are the most attractive type of financial aid because they do not need to be repaid.
Pell Grants , the main federal grants for college, are intended for students with "exceptional financial need. A college or university's financial aid office determines how much money students qualify to receive, based on their family's EFC and the school's cost of attendance COA.
These grants also do not need to be repaid, but they are only available at certain schools. As with Pell Grants, these supplemental grants are meant for students with few other financial resources. These loans are subsidized by the government, which means that will not be required to pay interest on them while you are in school and for a grace period of six months after you graduate.
These subsidized loans are not available for graduate study. The federal work-study program makes paid part-time jobs available through participating colleges and universities.
Both undergraduate and graduate students may be eligible. Federal loans, whether subsidized or unsubsidized, tend to be less costly than private loans and have more flexible repayment options. If students or their parents don't pay the interest during this time period , it will be added to the principal of the loan.
Schools can offer these loans as part of a financial aid package regardless of a family's financial situation. Financial Aid. Other Resources. Other Calculators. Online Degrees. Online Colleges. Paying For Online Education. FAFSA vs.
Carol Katarsky Updated on April 7, What is a Pell Grant? How do I apply for the Pell Grant? Federal law assumes the applicant's primary family will be responsible for paying for post-secondary educational expenses to the best of their ability. Independent students over age 24 may qualify based on their own income as long as they do not reside with their family or depend on them for financial support.
Younger students may qualify as independents if they are orphaned, married, have children or are veterans of the U. Certain special circumstances allow dependent students to submit FAFSA information without including the parents' financial details, such as parental incarceration or legally documented parental abuse.
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