Online Calculator | Find Out How The Pell Grant Works

Find Out How The Pell Grant Works

The Pell grant is a great way to subsidize college education. It’s a federal government sponsored grant and is implemented by the Department of Education. It was instituted in honor of Democrat senator Claiborne Pell. The Pell grant is aimed at providing financial assistance to underprivileged students. However, remember that the Pell grant is limited and is intended for undergraduates only. The Department of Education screens each and every Pell grant application to evaluate the applicant’s necessity for assistance.

To apply for the Pell grant you have to fill in the Free Application for Federal Student Aid (FAFSA) form. The form is available at www.fafsa.ed.gov. You can choose to download the application, print it, manually fill it, and mail it to the Department of Education, or you can choose to apply online. Even the Department of Education encourages applicants to send forms on the net since it is fast and easy. Only those who are enrolled in an undergraduate program at any of the participating institutes are considered for the grant.

Here’s how Pell grant applications are assessed. Based on the data provided in the FAFSA form, the Department of Education computes Estimated Family Contribution (EFC). The EFC is required to find out an applicant’s necessity for financial help; it will take into account such factors as family revenue and property, number of dependents etc. The award of the grant is primarily based on the EFC score, individuals with lowest score possess the highest priority. 

Generally, Pell grant application is processed in just 2 to 3 weeks. After evaluation, a Student Assessment Report (SAR) is issued to the applicant by the Department of Education. The SAR provides the evaluation report and the EFC; it informs the applicant about his eligibility. The amount of the grant varies every year and in addition depends upon the applicant’s EFC. 

With average college fee being in the 10,000 – 20,000 dollar range, the grant amount barely handles the tuition fee let alone personal expenditures. A part time job or a student loan may be used to supplement your grant and take care of personal expenditures. For more information you need to communicate with the student financial aid office at your institute.

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