(LifeWire) - Federal Pell Grant Basics:
Financially disadvantaged college students can receive up to $4,731 per academic year with the Pell grant, one of the federal government's most popular forms of tuition aid. The Pell grant is available for 5,400 accredited schools of higher learning, and can be earned for 18 semesters. The funding, which as a grant does not have to be repaid, can also cover room and board, books and other related expenses. Applicants who qualify cannot be turned away, though the amount awarded can differ. Factors include the institutional costs and students' full- or part-time status. Pell grant installments can be credited to students' school accounts or paid directly to students by check. If students take on a particularly heavy course load, they might be eligible for two Pell grants in the same years.
Qualifying for a Pell Grant:
The U.S. Department of Education calculates what it calls the expected family contribution -- based partly on household income, assets and the number of family members -- to assess whether an applicant meets the need-based guidelines. Pell grant recipients often come from families making less than $20,000 annually. As for the other basics, candidates should be undergraduates with a high school diploma or GED who have yet to attain a bachelor's degree.
Applying for a Pell Grant:
Fill out the Free Application for Federal Student Aid at www.fafsa.ed.gov. Either the student or the school's financial aid office will be notified of the application status. To be eligible for the new academic year in the fall, applicants should generally file before July.
