Why should you apply for a Pell Grant? Well, have you figured out how to pay for your college education yet? Most students cannot afford to pay the cost of their college tuition and other expenses out of their own pockets. This is where financial aid comes in. Financial aid can come in the form of grants, scholarships and fellowships. However, scholarships and grants are the most ideal form of financial aid because they do not have to be paid back at a later time. Applying for a Pell Grant may be one of the smartest decisions you can make regarding your college education.

Again, a Federal Pell Grant does not have to be reimbursed. On the other hand, school loans must be repaid and most of the time loans will come with interest. Pell Grants are generally rewarded only to those students who are seeking their first bachelor’s degree or seeking a post baccalaureate degree in education. Pell Grants are considered to be the corner stone of financial aid with hundreds of millions of dollars being awarded to students each year. Before you apply for a Pell Grant, you must make certain that you meet the established criteria for the grant. The financial aid office of your university can assist you in doing so.

The maximum amount of money that you can receive from a Pell Grant varies each year. The amount of money that a student can receive is dependent upon how much federal money is allotted by Congress each for Pell Grants. For the 2009-2010 school year the maximum amount of money a student can receive is $5,350. The amount of money also varies on your changing financial status. You must fill out the FAFSA in order to continue receiving the Pell Grant. Also, your status as a full time or part time student will be a factor. In order to find out how much money you will receive, you should apply for a Pell Grant today.

If you are deemed eligible and are chosen to receive the funds after applying for a Pell Grant, the money will be sent to either your school or you directly. You will be notified by an official letter as to how much money you can receive and when you will receive it. If the funds are sent to your school, the university must disperse the funding to you at least once per academic semester.