3 Reasons to Apply for the Federal Pell Grant?

Answer 1

The Federal Pell Grant is a government grant that has assisted millions of post-secondary school students since its inception in 1965. To qualify, students must complete a Free Application for Federal Student Aid (FAFSA) via the FAFSA website. The form will determine if the student qualifies for the Pell Grant based on household size and family income. The Pell Grant is one of the most common types of financial aid, and understandably so. Pell Grant does not require repayment, it helps defray the cost of higher learning, and it is need based rather than merit based.

No Repayment

Some students graduate college with the financial burden of being tens of thousands of dollars in debt. They spend years paying off student loans after graduation. However, the Pell Grant doesn't require repayment, and receiving it can help reduce the amount of loans a student receives, or even eliminate the need for loans altogether. Unlike student loans, the recipients of Pell Grants don't have to worry about paying monthly installments after graduation.

Helps Reduce the Cost of Education

Each student has their own economic situation and household size. For these reasons, the amount of the grant varies. However, those with low wealth and a small family contribution will generally benefit most from the Pell Grant. Pell may not cover the entire cost of a student's education, but receiving any amount of free money is always good, especially for students who could not afford to attend college without such a grant.

Pell Grant is Need-Based

The Pell Grant is a need-based grant program. This means that a student's financial situation is the biggest factors in determining grant eligibility. On the other hand, merit-based grants are based on academic performance and other achievements, usually scholarly ones. For students who don't have the best grades, the Pell Grant is much easier to obtain than a merit-based grant. Anyone can apply for Pell, and you don't have to be an Einstein.