Federal Pell Grant scholarships cover to $5,350 in education and training expenses. They are accepted at most universities and community colleges and many technical schools.
The essence of the Pell Grant program contends that no student with talent, drive, and desire should be denied the opportunity for a post secondary education.
You may apply for a Federal Pell Grant by completing the Free Application for Federal Student Aid (FAFSA) online. Students must be enroll full time (12 or more units) to receive the maximum Pell award. If at census your enrollment status is less than full time, your Pell Grant award will be reduced to reflect your actual enrollment.
Eligible students can now receive two Pell Grants within one award year, if they meet certain criteria. The purpose of implementing the Two Pell Grants in One Award Year option is to give students the opportunity to accelerate progress toward their degree.
Pell Grant amounts are dependent on:
on family income, the cost of attendance (COA); the student’s enrollment status (full-time or part-time); whether the student attends for a full academic year or less, and other factors, such as family size. Most students who qualify come from families whose incomes total $40,000 a year or less.
Established in 1972, Pell Grants have helped remove financial barriers to college attendance for millions of students. Once eligible for the Pell Grant, students can apply for other federal help.
Campus-based –programs: collective term that refers to the Federal Supplemental Educational Opportunity Grant, Federal Work-Study program.
Capitalizing interest: adding unpaid, accumulated interest to the loan principal, increasing the total cost.
Consolidation loan: a loan taken out to pay off existing student loans by combining existing loans the borrower simplifies repayment, and can lower monthly payment amount by extending the repayment period to up to 30 years.
Cost of attendance (COA): your anticipated expense to attend college. Includes tuition, fees, housing, food, transportation, books and supplies, personal expenses, and other costs.
Credit balance: the amount remaining in your student account after all on-campus charges have been paid.
Default: failure to repay a loan according to the terms of the promissory note. For a loan repayable in monthly installments, a loan is in default after 270 days of no payment.
Deferment: the temporary postponement of loan payments for a limited period of time. Deferments, allowed for specific borrower activities, extend the loan repayment period by the length of the deferment period.
Delinquency: this occurs when loan payments are late or missed, as specified in the terms of the promissory note and the selected repayment plan.