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Paying For School- Finance Your College Education with a Federal Pell Grant

By Karen Schweitzer, About.com

Federal Pell Grants are awarded to students based upon financial need. Part-time and full-time students are eligible. The Federal Pell Grant does not require a minimum grade point average or other academic requirements.

When you receive a Pell Grant, your school will pay you directly or credit your college account.

Federal Pell Grant Eligibility
  • Students must be US Citizens.
  • Students must have a high school diploma or GED.
  • Students must be pursuing their first undergraduate degree.
  • Students who are male must first register with the Selective Service.
  • Students can only receive one Pell Grant per year.
  • Students who are eligible for a Federal Pell Grant may also be eligible for a Federal Supplemental Education Opportunity Grant (FSEOG)
Federal Pell Grant Amount
  • The amount that a student receives is based upon their individual financial need and school costs.
  • Amounts depend upon whether the student will be attending part-time or full-time.
  • Grants are limited to the funding allotted by Congress. Amounts will range between $400 and $4,050 for the 2005/2006 year.
  • As guaranteed by the federal government, each school will receive enough money to honor Pell Grants for all eligible students.
Applying for a Federal Pell Grant
  • Students can apply for a Federal Pell Grant at their school’s financial aid office.
  • To apply, students must fill out a Free Application for Federal Student Aid (FAFSA). This application will determine the student’s level of eligibility and award amount based on financial need.
  • Students will receive the results of their application within two to four weeks.
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