Although there is a growing movement that finds a college degree unnecessary, many jobs and arrangements still require a college degree. In other cases, the lack of a degree may hold back certain opportunities for future advancement. Higher education is often viewed as a prerequisite for career stability and upward mobility. The financial barriers to obtaining such education cannot be ignored. Pell Grants are a form of federal financial aid.
What Are Pell Grants?
Named after U.S. Senator Claiborne Pell, the Pell Grant program was established under the Higher Education Act of 1965, as amended in 1972. Named after U.S. Senator Claiborne Pell, the Pell Grant program was established under the Higher Education Act of 1965, as amended in 1972.
Pell Grants are government issued grants for college or university students. Like most things having to do with paying for college, Pell Grants are means tested. Whether you are looking for Pell Grants for veterans, or Pell Grants for single mothers, it all comes down to how much money you make.
7 Things To Know About Pell Grants
- Pell Grants are not for rich people – The Pell Grant table will tell you at a glance whether you can qualify for Pell Grant money. The rule is that the student’s parents must have a 2022 AGI that is more than zero, and less than 175% of the poverty guideline to get the maximum Pell Grant available. At 275% of the poverty guideline, you cannot qualify for a Pell Grant.
- Pell Grants for Single Mother and Single Parents – It is easier to qualify for Pell Grants as a single mother. Single parents can qualify for the maximum Pell Grant all the way up to 225% of the poverty limit. And, smaller grants are available all the way up to 325% of poverty guidelines.
- Pell Grants for Veterans – Although some government programs make it easier for Veterans to qualify, Pell Grants are not one of those times.
- Pell Grants for Housing – A common question is, “can Pell Grant be used for housing.” Usually, your Pell Grant can be used for housing if you life on campus. Otherwise, you can always use other college savings.
- Pell Grants Do Not Have to Be Repaid – Grants, by definition, do not need to be repaid. This is simply a program that the government runs using tax dollars to increase people with lower incomes to be able to go to college.
- Pell Grants for Felons: Bad news, bad guys. If you are currently in prison, you cannot qualify for a Pell Grant. The good news is that once you get out Felons can get Pell Grants just everyone else by qualifying with their income.
- You Apply With Your FAFSA – Your answers on the FAFSA determine your eligibility for Pell Grants, so be sure to fill it out accurately and quickly.
Other Financial Aid
If you don’t qualify for Pell Grants, you may not be able to qualify for much of the other means tested financial aid available. Many scholarships and grants that are targeted to lower income students will use the Pell Grant’s eligibility to determine their eligibility as well. In other words, if you don’t qualify for a Pell Grant you won’t qualify for most of the means based financial aid.