A Pell Grant is a grant from the federal government to help you pay for college. It is given to students with financial need, and it does not have to be paid back. If you have lost your job, you may be eligible for a Pell Grant since your income has likely been significantly reduced.
FAFSA
Pell Grants are given to students who have filled out the Free Application for Federal Student Aid (FAFSA). This can be filled out online at FAFSA.ed.gov, or you can fill out a paper copy, which is usually available from your college's financial aid office. The FAFSA uses a number of determiners to see if you are eligible for educational grants and student loans.
Eligibility
When you fill out the FAFSA, you will provide detailed financial information from your most recent tax return, bank statements and other financial documents. You will also provide information about the size of your household, if anyone else in the household is going to college and what school you are going to. You will also say whether you are attending college part-time or full-time for at least an academic year, the latter of which is required to get a Pell Grant. The amount you are eligible for depends in part on whether you go to school half-time or full-time. FAFSA administrators then use this information to determine whether you are eligible for a Pell Grant. They also factor in the cost of attendance at the school you plan to attend to determine how much of a Pell Grant you may be awarded.
Lost Job
If you have lost your job, you may, in fact, be eligible to receive a Pell Grant. Depending on the other factors previously mentioned, such as income and household size, FAFSA administrators will determine whether your lost income is enough to give you a Pell Grant. Each person's situation is different. If you have significant income coming in from another source, for example, it might be too much to allow you to receive a Pell Grant. However, it is definitely worth filling out the FAFSA to see if you are eligible for a Pell Grant given the change in your financial situation.
How Much
A Pell Grant given in the 2011-12 award year has a maximum amount of $5,550. For dependents of Iraq or Afghanistan soldiers who died as a result of their service, the maximum award amount will be given. These students must have been enrolled at least part-time in college and be under the age of 24 when the parent or guardian passed away to receive the maximum amount. If the first time you receive a Pell Grant was on or after July 1, 2008, you can only receive Pell Grants up to 18 semesters.
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