With the current condition of the economy and the rising cost of living, fewer households nowadays could afford sending their kids to college. Earning a living seems nothing more than earning for subsistence level.
More and more students look for options such as federal grants, scholarships and loans to get through college. At the top of most household’s lists are Pell Grants. Compared to student loans, Pell Grants are financial assistance grants that need not be paid off. Students that qualify for this grant receive assistance that is as good as cash. But remember, nothing comes easy and you need to satisfy certain requirements to become eligible for Pell Grants.
There are Pell Grant requirements that a student needs to satisfy in order to get the much needed assistance. Certain documentation need to be submitted as well as qualifying financial status.
As for Pell Grant reqquirements, a student who has a higher financial need is more likely to be awarded. Financial need is the difference between the Cost of Attendance and Expected Family Contribution. CoA is the expected cost of education while EFC is a family’s capacity to pay.
Not everyone can apply for a Pell Grant. The first requirement is an applicant needs to belong to a low-income family. This factor is reflected in the Pell Grant equation as EFC or expected family contribution. With low EFC, Financial Need increases because only a small factor is subtracted from the CoA. Its because of this that is why students with families that have low EFC are more likely to be granted. As of 2011, the threshold for EFC is $5,273.
Next to the list of Pell Grant requirements is the fulfillment of the Free Application for Federal Student Aid. In this application form, you would have to declare your family’s income, your personal income, household size, and number of siblings going through college or professional studies.
Pell Grant requirements also state that you should not have finished a bachelor’s degree in the past. And finally, and quite obvious as well, being incarcerated in a federal institution is a big NO.
