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Pell Grant Eligibility

You are a bright student and full of confidence that you can take the hardships of higher education in your strides. However, there is a problem; your weak financial condition won't be able to bear the burden of your ambition. However, the financial assistance in the form of grants, such as college grants, education grants for women, etc. may change the course of your life. Read more on grants for college students.

But are you eligible for it? How will you set about finding whether you are eligible for a pell grant or not?

Pell Grant: Federal Pell Grant Eligibility

The first step in determining your pell grant eligibility is to fill a 'Free application for the Federal Student Aid' (FAFSA) form, which is also called pell grant application, on the Internet. Follow the instructions provided on the website and answer the questions which will determine your pell grant eligibility. If you are eligible for pell grant then it means that you are also eligible for various government grants and funding too. You will be notified about the outcome in the due course of time. Although, students with family income under $50,000 are eligible to receive the pell grant, these grants are mainly received by those with family income less than $20,000. The grant money depends on the following facts:
  1. How much money the student's family is ready to contribute. This amount may vary depending on whether the student is a dependent, independent without dependents, or independent with dependents.
  2. The tuition fee charged by the educational institute.
  3. Whether the student is going to attend a full time or part time course.
Once you are informed that you are eligible to receive pell grant, you have to submit various kinds of information to the authorities in the financial aid office. You receive the grant money, only after your information is found to be acceptable. Hence, if you have some difficulties regarding the information, you should get it clarified from the school or financial aid authorities as early as possible, as any discrepancy in the data may affect the outcome. The following is the list of Federal Pell Grant eligibility criteria:
  1. You must fill and submit FAFSA form, which binds you to use the Federal Pell Grant only for your education.
  2. You have not defaulted on any other Federal student loans or grants. You have to assure the authorities that you will repay this loan as well.
  3. It is important that you, as an undergraduate student, should be attending an approved course, in order to achieve a bachelor's degree.
  4. Your progress with the studies must be satisfactory.
  5. A valid Social Security number.
  6. A high school diploma or GED.
  7. You must be able to satisfy the authorities about the benefits you will receive from the offered tuition or the program.
  8. You must be a US citizen or permanent resident, or eligible non-citizen.
  9. You must be able to attend school legally in the US.
  10. Federal tax returns.
  11. W-2 information.
  12. Information about the untaxed income such as veteran's benefits, social security.
  13. Bank statements, total investment and mortgage information.
  14. Business records.
It may take 2 months or even longer for the finance aid authorities to complete the verification of your information. So, to be on the safe side, you must try to apply for the pell grant, at least 10 weeks before the semester begins.

The federal pell grants are awarded to the low-income students in order to help them continue their education and to help them realize their potential to the maximum. Though, you are allowed to receive only one pell grant per educational year, there is no limit on how many times you can receive it, once, you have proved your pell grant eligibility.
By Shrinivas Kanade

Tuesday, January 14, 2014

Pell Grant Eligibility

Pell Grant Eligibility

 

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Pell Grant Eligibility

Saturday, July 14, 2012

Federal Pell Grant Program - U.S. Department of Education

Federal Pell Grant Program - U.S. Department of Education



Quick details on Pell grants:
A Government Pell Allow, as opposed to a loan, does not have to be paid back.
The maximum Pell grant for the 2011-12 prize season (July 1, 2011, to This summer 30, 2012) is $5,550.
The amount depends on your economical need, costs to be present at university, position as a full-time or part-time student, and plans to be present at university for a complete educational season or less.
Learn more about Pell allows.
To apply, complete the FAFSA.
PROGRAM DESCRIPTION

The Government Pell Allow System provides need-based allows to low-income undergrad and certain postbaccalaureate learners to promote access to college knowledge. Students may use their allows at any one of approximately 5,400 taking aspect college organizations. Allow amounts are reliant on: the pupil's expected family members participation (EFC) (see below); the cost of presence (as identified by the institution); the pupil's registration position (full-time or part-time); and whether the student visits for a complete educational season or less.

Students may not receive Government Pell Allow resources from more than one university at some point.

Financial need is identified by the U.S. Department of Education using a conventional system, established by The legislature, to evaluate the economical details revealed on the Free Application for Government Student Aid (FAFSA) and to determine family members members EFC. The fundamental elements in this conventional system are the pupil's earnings (and resources if the student is independent), the parents' earnings and resources (if the student is dependent), the family members household size, and the number of close relatives (excluding parents) attending college organizations. The EFC is the sum of: (1) a amount of net earnings (remaining earnings after subtracting considerations for basic bills and taxes) and (2) a amount of net resources (assets staying after subtracting an asset protection allowance). Different evaluation rates and considerations are used for reliant learners, separate learners without children, and separate learners with children. After processing a FAFSA, the student gets a Student Aid Report (SAR), or the organization gets an Institutional Student Information Record (ISIR), which informs the student if he or she is eligible for a Government Pell Allow and provides the pupil's EFC.

FSA Handbook

Federal Pell Grants are direct allows granted through taking aspect organizations to learners with economical need who have not received their first bachelors degree or who are registered in certain postbaccalaureate programs that lead to instructor qualifications or licensure. Participating organizations either credit the Government Pell Allow resources to the pupil's university account, pay the student directly (usually by check) or combine these methods. Students must be paid at least once per term (semester, trimester, or quarter); schools that do not use officially defined terms must pay the student at least twice per educational season.


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Wednesday, July 11, 2012

How To Apply for a Pell Grant Online - FAFSA Guide

How To Apply for a Pell Grant Online - FAFSA Guide


If you're looking for cash for university, the Govt Pell Allow is a great starting point. To apply for one on the internet, a potential college student must complete the 100 % free Program for Govt Student Aid (FAFSA). The FAFSA is situated at http://www.fafsa.ed.gov/. The FAFSA website has three segments you complete out: Before Starting an FAFSA, Stuffing Out an FAFSA, and FAFSA Follow-up.


The Before Starting an FAFSA area provides hyperlinks to an FAFSA on the web worksheet, an excellent program code look for operate, a PIN variety application web page, and a due date details web page. The worksheet is useful as it provides an excellent student the chance to history all of the details needed before going to the applying web page. Worksheets are available as .pdf information in British or Language. The university program code look for operate allows an excellent student to find the exclusive program code for his or her potential organization.

Note: A college student may get into many university specifications. Each university detailed will get the pupil's details. The PIN variety application web page is a necessary stop if an excellent student is going to computer file an FAFSA on the internet. The PIN variety replaces a pupil's trademark. Without the PIN, the applying will be refused. Observe that if parent details is needed on the FAFSA, the mother or father should also demand a PIN variety in order to indication it digitally. Lastly, the due date weblink delivers the college student to a web page that details the various condition work deadlines. Most declares have grant applications that require an excellent student computer file by a certain date. Some are as early as April 1. If the pupil's condition has the note, "Check with your economical aid manager," the college student should contact her college's economical aid workplace.

The Stuffing Out an FAFSA area allows an excellent student to begin a new type, complete a Restoration FAFSA, and continue working on a stored type. There is also a weblink that allows an excellent student and a mother or father to indication an FAFSA using a PIN. The college student should do as instructed and get into the details asked for. (The type is also known as the Pell Allow form; you can't get one without filling this type out.)

The FAFSA Follow-Up area allows an excellent student to examine the position of a posted application. Please be aware that it can take two or three several weeks for a software to be prepared and the details sent to the academic institutions detailed. A college student can also correct a posted FAFSA by following a weblink in this area. Lastly, an excellent student can view and create his or her Student Aid Review (SAR), which details all of the details the college student offered on the FAFSA.

So, what is a Pell Grant? The Pell Allow, like all federal college student aid, is based on need. The federal government has set up an equation that considers the pupil's earnings, count of people in the family, and other aspects to determine Pell Allow specifications. The figures are joined into the system and the college student gets an Predicted Close relatives Participation (EFC). The lower this variety is, the greater Pell Allow the college student is going to get. Learners with a zero EFC in the 2009-10 prize year obtained the highest possible Pell Allow amount of $5,350.

One of the most common concerns students have about this system is whether or not they need to consist of their parents' details on the FAFSA. The following aspects are not taken into account: living apart from the mother and father, not being stated on the parents' tax type as a reliant, and attaining her Twenty-first wedding. To be regarded an separate college student, one of the following must be true:
The college student is 24 decades of age.
The college student is registered in a masters or doctoral program.
The college student is wedded at the time the applying is registered.
The college student has a kid, for whom he provides more than 50% economical support.
The college student has a reliant other than a kid or partner, for whom she provides more than 50% economical support.
The college student is an orphan or was a keep of the judge until the age of 18.
The college student is a expert.
If none of these seven claims is real, the college student is needed to consist of his parents' details on the FAFSA. Usually this makes it less likely the college student will get a Pell Allow. However, the college student may be qualified for other college student aid, such as federal college student knowledge financial loans - and if the mother and father don't make much or anything, the EFC (Estimated Close relatives Contribution) is low enough that the college student may still fulfill Pell Allow credentials.

The best resource of details about a pupil's qualifications for the Govt Pell Allow is often the university the college student plans to be present at. All academic institutions have a economical aid workplace with economical aid consultants willing to assist students as they determine how to pay for the amount and learning.

If you don't quaify for a Pell Allow, you may still be able to get federal college student knowledge financial loans, known as Stafford financial loans. Also, the government isn't the only resource for cash for college; academic allows and allows are available from hundreds of resources.

Quick Tips:
Gather your 1040 tax form(s) and W-2(s) for the past decades before you start the application!
Gather 2005 untaxed earnings information, too, like Social Security, Short-term Help Desperate Family members, well being, or experts benefits records!
Remember, if you have a bachelors level, you're ineligible for the Pell Grant!
Do not pay someone to publish the FAFSA for you. It's known as a FREE application for a reason!
If you have a specific query about filling out the FAFSA, call the FAFSA processer at 1-800-4-FED-AID!


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Tuesday, July 10, 2012

Claim Pell Grant Money on Taxes

Claim Pell Grant Money on Taxes


The IRS snacks a Pell allow as a scholarship or grant, which means it's possible that you'll have to review the allow cash on your tax come back and maybe even pay earnings tax on the cash.

Pell Grants

Receiving a Pell allow as part of your government student aid prize can reduce, or even remove, the financial pressure of paying the educational costs to join school. In some cases, the Inner Income Service can require that you declare the Pell allow cash as earnings on your tax come back. However, if you follow a few simple guidelines, you can get your Pell allow cash entirely tax 100 % free.

Tax-free Pell Grants

A Pell allow does not need to be revealed on your tax come back, if you fulfill two IRS specifications that apply to all grants and grants:
You must be registered in a system as a degree applicant, or you must be seeking a training course that makes you for particular types of career upon achievement.
You must use the Pell allow only to pay for “qualified knowledge costs.”

Qualified knowledge expenses

Any part of your Pell allow that is not invested on certified knowledge costs is needed to be revealed on your tax come back. Qualified knowledge costs include educational costs and fee expenses, and the guides, resources, and equipment needed for your programs.

For example, if you take a chemistry category and the lecturer needs all learners to purchase a particular publication, the cost of the guide is a certified cost. If the lecturer only suggests the guide, it is not a certified knowledge cost.

If you use your Pell allow to pay for space and panel expenses, or to travel to your long lasting home on saturdays and sundays or vacations, then the quantity will be considered taxed earnings.

How to review nonqualified Pell allow costs on your tax return

If you don't use all of your Pell allow cash for certified knowledge costs, you need to figure out how much of the allow to review on your tax come back. Educational institutions generally merge all student expenses in one account. For example, assume your costs for the term are $4,000 for educational costs, $2,000 for space and panel, and $500 for needed books. If you get a $3,000 Pell allow and use it on educational costs and/or guides, you will not have to review any of it on your tax come back. If you get a $5,000 allow, $500 of it will be taxed since you only suffered $4,500 of certified costs ($4,000 for educational costs and $500 for needed books).

Regardless of the tax form you use, you need to review the $500 in the above example on the “wages and salary” line and get into “SCH” to the left of the quantity. Just because you review the Pell allow as taxed earnings, does not actually mean you will pay tax on it. This relies on other factors such as the quantity of other earnings you review, your processing position, and the reductions and attributes you are qualified for.


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