Both coronavirus relief packages called to waive lifetime limits on Pell Grants for those who withdraw from school due to the COVID pandemic. To qualify for a Pell Grant, you must be a U. However, Pell Grants are available to students enrolled in post-baccalaureate programs to become teachers.
Your eligibility will also depend on:. Your Expected Family Contribution , the amount the government determines you and your family can pay for college. As of the academic year, Pell Grant eligibility will be extended to those:. Pell Grant eligibility will also be simplified for the academic year. Always accept any grants and scholarships first before taking on federal loans.
Knowing how much aid you qualify for can help you decide where to attend college. You may also want to talk with the financial aid counselor at your intended school to help you estimate Pell amounts, as well as other aid you may qualify for. The funds from a Pell Grant generally are disbursed directly toward tuition, fees and, if applicable, room and board. Leftover money typically is paid directly to you.
You can receive Pell Grants for only 12 semesters, or six years. This depends on your needs. Many students spend Pell Grant refunds on additional school expenses, like transportation to get to and from campus, food on campus, lab fees, and even surprise costs, like needing a new laptop. These are called institutional expenses. You are legally allowed to keep money from your Pell Grant and use it for non-education expenses. However, you must keep track of what you do not spend on education and report this as income on your taxes.
The IRS considers the Pell Grant a scholarship for tax purposes, meaning you do not have to claim it on your taxes, as long as there is no money left over after you pay for your education.
Schools will combine student charges into one account, which you can access through an online portal or by talking to your student financial aid office. This list will help you keep track of what you need to file on your tax return. For example:. Getting more financial aid than you need can be a good thing — especially if it is free money and not student loans. There are several positive ways you can use this money as a student. You can:. For many students, the Pell Grant money goes directly toward the cost of their education, with other scholarships, federal student loans, and even private student loans making up the difference.
However, if you find yourself with more money from the Pell Grant than you need, carefully consider how you will spend this amount. You may need it for related educational expenses that your school does not automatically deduct.
Learn where to find and apply for college grants, a need-based form of financial aid for college that doesn't have to be paid back. Pell Grants are usually reserved for undergraduate students.
You must meet general federal student aid eligibility requirements to be eligible to receive a Pell Grant. What makes you eligible for a Pell Grant Here are some basic eligibility requirements for a Federal Pell Grant: You need to be eligible for federal student aid programs.
General eligibility for federal aid programs includes that you have financial need, are a U. Related topics. Understand college grants Learn where to find and apply for college grants, a need-based form of financial aid for college that doesn't have to be paid back.
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