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Focus On a Federal Grant – The Pell Grant
The Pell Grant contributed almost $12.7 billion dollars of financial aid given to students in 2004 to enable them to go to college or university . It is a federal grant that is awarded by the federal government to students who would not be able to afford further education without it.How does the Pell grant contribute to financial aid for students?
Financial aid is generally made up of grants, student loans and work study programs. The Pell grant is the federal grant that contributes the largest grant amount to financial aid for college students. In 2004, 74% of money granted to students originated from Pell grants. Pell grants were awarded to 5.1 million students and on average, paid for 23% of charges for public schools and 9% of charges for private schools.Who qualifies for a Pell Grant?
In the 2003- 2004 academic year the maximum award granted by this federal grant was $4050 per annum. This amount can vary considerably as it is dependent on each student's application, which college or university they wish to attend and the amount of Expected Financial Contribution that their family is expected to make towards the cost of education.How can you be awarded such a federal grant as a Pell grant?
As stated previously, when you make an application to a college, you will need to apply for financial aid using Free Application for Federal Student Aid form (FAFSA). The government or college you submit the form to will assess your need for federal financial aid and how much your family will be expected to contribute. When this is complete you will receive your award packages which list all of the federal grants, such as a Pell grant, and all of the federal loans, such as a Stafford loan, that you are entitled to and will be awarded when you start attending college.