The Free Application for Federal Student Aid (FAFSA) and the Pell Grant program are two important components of financial aid for college students. Each provides different benefits, so it’s important to understand the differences between them. In this article, we’ll explore the differences between FAFSA and Pell Grants and how to apply for a Pell Grant through the FAFSA application.
Understanding The Pell Grant
The Pell Grant is a type of federal grant that provides money for students to use toward college expenses. It is the largest source of federal student aid and can provide students with up to $6,345 per year to help cover tuition and other college-related expenses.
Eligibility Criteria For Pell Grant Applicants
In order to be eligible for a Pell Grant, students must meet certain criteria. The most important criteria include being a U.S. citizen or eligible non-citizen, having a valid Social Security number, and demonstrating financial need. Financial need is determined by the cost of attendance and the student’s Expected Family Contribution (EFC).
Overview Of FAFSA And How It Relates To Pell Grants
The FAFSA is the application students must complete in order to be considered for federal student aid. This includes grants, loans, and work-study programs. The information submitted on the FAFSA is used to determine the student’s eligibility for federal aid, including the Pell Grant.
Types Of Pell Grants
There are several types of Pell Grants available to students. The most common are the Federal Pell Grant, Year-Round Pell Grant, and the Claiborne Pell Grant (Rhode Island only).
Federal Pell Grants
The Federal Pell Grant program is the largest source of federal student aid and provides up to $6,345 annually to eligible students. This grant is awarded based on financial need and is determined by the cost of attendance and the student’s EFC.
Year-Round Pell Grants
The Year-Round Pell Grant is an additional grant that allows students to receive up to an additional $3,000 per year. This grant is only available to students who have already received the full amount of the Federal Pell Grant and are enrolled in school year-round.
Claiborne Pell Grants (Rhode Island Only)
This grant is only available to students attending a college or university in Rhode Island and is awarded based on financial need. The maximum award amount is $2,000 annually and is renewable for up to four years.
Applying For A Pell Grant Through FAFSA
In order to be considered for a Pell Grant, students must complete the FAFSA. The application process is relatively simple and can be completed online.
Requirements For Completing The FAFSA
In order to complete the FAFSA, students must meet certain requirements. These include being a U.S. citizen or eligible non-citizen, having a valid Social Security number, and demonstrating financial need.
What Information Is Needed To Complete The FAFSA?
When completing the FAFSA, students will be asked to provide their income, assets, and household size information. They must also provide information about the college or university they plan to attend.
What Happens Once The FAFSA Is Submitted?
Once the FAFSA is submitted, the Department of Education will review the application and determine the student’s eligibility for federal student aid, including the Pell Grant. If the student is approved, the Pell Grant will be applied to the student’s tuition and other college-related expenses.
Maximum Awards & Other Considerations With Applying For A Pell Grant Through FAFSA
The maximum award amount for a Pell Grant is $6,345 per year. However, the actual amount awarded may be less depending on the student’s financial need and the cost of attendance. It is important to note that the Pell Grant is not the only form of federal student aid available. Students may also be eligible for other aid forms, such as loans and work-study programs.
In conclusion, understanding the differences between FAFSA and Pell Grants is important for students looking to pay for college. The FAFSA is the application students must complete in order to be considered for federal student aid, including the Pell Grant. Awareness of the requirements and maximum award amounts associated with the Pell Grant can help students decide about their financial aid options.
Need more information about the difference of Pell Grants to other grants? Check out our blog post about Cal Grant vs. Pell Grant to learn more.
