This $6,895 Grant Makes Getting A Degree Much More Affordable

What’s been a hot topic over the past few years when it comes to education? Student loan debt, as many find themselves owing lenders thousands of dollars once they graduate. Such debt can make you wish you never got a degree, making a Federal Pell Grant a much better option for financial aid.

Intro to Pell Grants

When you realize that you want to go to school to get your degree, you have to figure this out next: How you’ll pay for it. Unless you’re an athlete or are lucky enough to get a full scholarship, you will have to search and apply for financial aid.

Scholarships are often merit-based, which makes them harder to receive since the competition is so stiff. Student loans require repayment along with interest that can saddle you with debt once you get out of school. On the other hand, grants tend to be need-based, making them easier to qualify for. And best of all, they do not have to be paid back, so you don’t have to worry about debt.

A Pell Grant comes from the federal government. And since it’s worth as much as $6,895 per year, it can put a massive dent in your college costs to take a massive financial load off of your back.

While most will see the Pell Grant’s annual award amount as its most significant benefit, here’s an even better advantage that is overlooked: Flexibility. Instead of being reserved for just tuition costs or some other specific purpose, you can use Pell Grant money to pay for various expenses. Whether it’s tuition, books, housing, child care, or even dependent care, you can pay those expenses with your Pell Grant.

Reasons to Apply For a Pell Grant

If this is your first time reading about Pell Grants, you’re not alone. Many people don’t even know such financial aid exists, which keeps them from getting $6,895 in free cash for college per year.

What’s another reason why someone may not apply for a Pell Grant? Thinking they won’t qualify or seeing it as a form of student debt.

As mentioned, Pell Grants are based on need, so if you’re strapped for cash, there’s a good chance you could qualify. And since you won’t have to pay that $6,895 back, there’s no real reason why you should not apply for a Pell Grant today.

The Pell Grant Application Process

There’s no need to be intimidated about applying for a Pell Grant. Your age, grades, credit score, and other student aid you qualify for do not matter, so if you feel like past mistakes will hold you back, don’t fret.

What will be considered when applying for a Pell Grant? Things like your financial need, any degrees you have, whether you’re a full or part-time student, etc.

Now that you see that applying for a Pell Grant shouldn’t be so scary, now’s the time to apply by submitting your FAFSA application. Doing so will help you kill two birds with one stone, as it will determine Pell Grant eligibility plus other forms of school-specific financial aid.