Are You Eligible for a Pell Grant?

Every January 1st, men and women across the nation become eligible to apply for the Free Application for Federal Student Aid (FAFSA). While there are many resources available, the most well-known benefit associated with this application is the Pell Grant, which is a significant source of post-secondary education funding. The best part of receiving a Pell Grant is that it never has to be paid back – not one penny. *www2.ed.gov/programs/fpg/index.html

Pell Grant programs were first instituted in 1972, but have recently seen some revisions to qualification standards under President Obama. Under the SAFRA Act of 2010 (Student Aid and Fiscal Responsibility Act), more students are expected to qualify for funding that can be used at over 8,000 schools nationwide.

The grant amount that a student can receive is based mostly on his or her Expected Family Contribution (EFC), with students demonstrating a greater need, obviously, able to receive more funding. There are many factors, however, that go into this determination, such as admittance cost and whether you're looking to study full- or part-time.

Regardless of what kind of federal aid a person is seeking, there are common requirements that must be met for consideration. If you're unsure about your qualification, you can usually speak with your school's financial aid office to receive some clarity. The common standards are as follows: *www2.ed.gov/programs/fpg/index.html

• You must be a US citizen, US national or eligible non-citizen. Certain immigrants may be eligible to meet the criteria.
• Your EFC must be less than $5,273.
• You cannot be incarcerated in a Federal penitentiary.
• You must be enrolling in a program that will award a Professional Certificate, diploma or degree upon its culmination.
• This program has to be at the undergraduate level.
• You must sign an agreement to apply the funds towards your education.
• You cannot have any outstanding charges associated with other Federal grants or have defaulted on any student loans.
• Males between 18 and 25 must be enrolled in the Selective Service.
• Your total family income cannot be greater than $50,000.
• Expect hindrances to your eligibility if you've ever been convicted for possession or sale of illegal drugs while receiving financial aid.

Even when you receive a Pell grant, you may still apply it toward getting a degree online. Be warned that this path also carries its own challenges. Online education outside of campus-based institutions can be limited in the amount they can accept from Pell grants and face other quality standards. Consider whether online or campus-based education is right for you.