If you’re worrying about how to realize your dreams of finishing college and get into a career, don’t panic. Under Title IV of the Higher Education Act of 1965, the Federal Government offers a number of grants and other financial assistances to eligible candidates, in order to help them finish college. The Federal student Aid program was started to ensure proper management of the financial aid program, to impart the needed information to eligible students, process applications and offer other assistances in regards to the program.
The Federal student aid program offers a number of financial assistances. Some such as grants do not have a repayment clause attached to them. Others like loans need to be repaid with an interest after completion of college. There are also work-study programs which are designed to offer an option to candidates to work and pay for their college.
There are different types of grants available to pay for your college. Federal Pell Grants are a type of grant that is usually awarded to students who are currently studying in any undergraduate programs or those who do not have any bachelor’s or professional degree. These grants like most others are not required to be paid back. Federal Pell grants are however not fixed amounts. The maximum you can get depends on your Financial Need (difference between the Cost of Attendance and your Estimated Family Contribution), status, whether you’re a full time student or part time and whether you plan to attend college for the full year or for a lesser period. However in most cases the amount will have an upper limit. In 2012-2013 a maximum amount of $5550 was awarded to students eligible for the Federal Pell grant.
Each year every school attending the program gets sufficient monetary assistances to cover the grant money for any and all students eligible for the Pell Grant. If as a student you’re eligible for the Federal Pell Grant then you’re entitled to receive the full amount irrespective of any other financial grants that you may also be eligible for.
In order to get grants and pay for your college expenses, you need to demonstrate a certain degree of Financial Need. Financial Need is defined as the difference between the Cost of Attendance of a school and Estimated Family Contribution. In this case it is important to note that all financial grants or loans are awarded to candidates who are American citizens or eligible non-citizens who have a Social Security Number.