It's hard to pay for higher education. According to FinAid.org, a website that helps students find ways to pay for college, nearly 60 percent of undergraduate students graduate with student loan debt. On average, these students leave with about $18,000 in student loans, a number that does not include certain types of federal loans. Grants, especially the Illinois Pell Grant, can help ease the financial burden of obtaining a degree.
Requirements
The Illinois Pell Grant is financial aid for students enrolled in a university or college approved by the state of Illinois. As long as you complete your classes for the semester, you do not need to pay it back. If you change to part time, withdraw from your classes or have failed to maintain GPA guidelines in previous semesters, you may not be eligible for the Pell Grant in the current semester. The total amount you can receive changes each year, based upon Illinois' current funding and the cost of attending a state school. Pell Grants are applied to your tuition costs before student loans are considered.
Applying
To apply for the Pell Grant, you need to complete your Free Application for Federal Student Aid (FAFSA). This document can be completed online through the U.S. Department of Education's website or through the mail with a paper application (available from your university's financial aid office). The FAFSA requires your financial information, so have bank account statements and last year's taxes for you and your parents (if you are still a dependent).
Qualifying
Once your FAFSA has been processed, you will receive your Estimated Family Contribution (EFC), based upon your financial information. If your EFC is below the current year's threshold, your university will request a Pell Grant, on your behalf, from Illinois. Your EFC also dictates how much you can receive, with lower EFCs receiving a higher grant amount.
Receiving the Grant
Illinois sends the grant directly to your school. Your grant will come in two installments, split equally between the fall and spring semesters. You cannot receive the full amount for only one semester, even if you do not enroll in the other. If you are enrolled less than full time each semester, you will receive a lower grant per semester, but may be able to apply the difference to interim sessions, such as the summer semester. The remaining amount of the grant cannot be applied to tuition for out-of-state schools or those that are not approved by Illinois.
Limits
You cannot receive a Pell Grant for more than 18 semesters, or five full years of school. You can elect to refuse the grant in certain semesters, if you plan on paying for it yourself or have other scholarships available. Your school may issue a refund check or make the difference available for books and supplies if your grant amount exceeds your tuition costs. Talk to your school's financial aid office each semester you receive the Pell Grant. Illinois changes the rules governing it annually and it's important that you understand how new rules may affect you.
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