Similar to scholarships, Pell Grants are a form of financial aid that doesn’t need to be repaid. Created in 1972, the Pell Grant was named after Claiborne Pell, who worked with education policy experts to develop the ideation as part of the 1965 Higher Education Act.
On average, 6.8 million undergraduate students are awarded the Pell Grant each year. The award amount ranges from $639 – $6,345, with the average being $3,900.
How to Apply for the Pell Grant
Undergraduate students can apply for the Pell Grant by filing the Free Application for Federal Student Aid, FAFSA®.
This application helps colleges determine a student’s eligibility for the Pell Grant, federal student loans, scholarships, and work-study programs.
Who is Eligible for a Pell Grant?
To be eligible to receive a Pell Grant, students must demonstrate financial need, be pursuing an undergraduate degree, and maintain Satisfactory Academic Performance (SAP).
Other factors like full-time enrollment vs. part-time enrollment also affect eligibility and award amount.
How is the Pell Grant Awarded?
Once a student’s FAFSA® has been processed, students will receive financial aid offers from the schools listed on the application. Once an offer is accepted, all federal financial aid (including the Pell Grant and federal student loans) is dispersed to the school directly.
Students will receive a financial aid refund if there is any money left over after tuition and fees have been paid. The refund comes as either a check or a direct deposit into the student’s account.
Students can log in to their financial aid portals to set up how the refund will be dispersed.
Have more questions about Pell Grants or need help filing your FAFSA®? The Frank Team is here to help! Text the Frank Team directly at (347) 690-7886 or send an email to email@example.com.