Benefits

Federal Pell Grant: receive up to $7,395

Get the details on what a Federal Pell Grant is! Receive payments to cover your college costs. No need to pay back! Read on!

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Learn about the Federal Pell Grant and its benefits

Federal Pell Grant
Learn how the Federal Pell Grant works. Source: The Mad Capitalist

Have you ever heard of the Federal Pell Grant? It is a grant available to those pursuing higher education who do not have enough money to cover their tuition.

Federal Pell Grant

Federal Pell Grant: see how to apply

Find out if you're eligible to apply for the Federal Pell Grant? Ensure up to $7,395 to cover educational costs!

This program is designed to assist students in these scenarios and can be incredibly helpful. But what are the Federal Pell Grant’s benefits? Let’s take a look.

What is the Federal Pell Grant?

Education in the U.S. can be extremely expensive. Families spend years saving or even taking student loans to afford education costs.

To reduce that impact, the Federal Pell Grant is a financial aid program that provides grants to undergraduate students who demonstrate financial need.

The U.S. Department of Education offers the program to students who have not yet earned a bachelor’s, graduate, or professional degree.

Unlike other forms of financial aid, such as loans, grants are a type of financial aid that does not need to be repaid.

So they can help millions of students to stay in university, having the financial support they need to keep their studies.

What are the benefits included in the Federal Pell Grant Program?

Smiling male student sitting in university classroom
Find out the benefits included in this program. Source: Adobe Stock

The main benefit of receiving a grant from this program is that it helps eligible low-income students afford college costs, such as:

  • Tuition;
  • Fees;
  • Room and board;
  • Textbooks;
  • Materials;
  • And many other educational expenses.

Students don’t have to worry about paying the money back because grants are “donations.”

Also, this benefit is not a one-time deal. You can receive a Federal Pell Grant every semester (during the studying period) if you demonstrate financial eligibility.

How much is the Pell Grant?

The amount of funding that you receive through this program will depend on several factors, including:

  • Expected Family Contribution (EFC);
  • Attendance cost of your school for your specific program (determined by your school);
  • Your status as a full-time or part-time student;
  • Whether or not you plan to attend school for a full academic year or less.

The maximum amount changes yearly; in 2022-2023, it is $7,395.

What should I do to keep the Federal Pell Grant?

Once you earn a grant from this program, you must maintain satisfactory academic progress (SAP), so you don’t lose it.

Also, keep enrolled in an undergraduate course. Additionally, fill out the FAFSA form every year.

Finally, stay up-to-date on any changes or updates regarding eligibility requirements.

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How to apply for the program?

We hope you have enjoyed this post about this program and its benefits.

Keep learning about the program, understand how to apply, and the requirements necessary in our post below!

Federal Pell Grant

Federal Pell Grant: see how to apply

Find out if you're eligible to apply for the Federal Pell Grant? Ensure up to $7,395 to cover educational costs!

About the author  /  Suzana Brito

I'm a Language Studies graduate and have always been interested in writing and sharing knowledge. By creating content about finances and related products, I believe in contributing to people achieving financial freedom and their goals in life.

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