Post-secondary education is expensive. Whether students attend community colleges or prestigious Ivy League schools, they almost always wind up with accrued student loan debt that has to be paid off when they graduate. The government funded Pell Grant is a financial aid program to help minimize the debt load that students incur throughout their college years. The grant money is awarded on a needs-basis to low-income undergraduate and some post-graduate students, enabling them to afford an education they might otherwise not be able to.

There are a number of requirements that you must meet in order to be eligible to receive this Pell Grant. You must:

• Be a U.S. citizen
• Have a high school diploma or GED
• Be enrolled in fulltime studies at an accredited post-secondary institution
• Be able to demonstrate financial need

Furthermore, applicants must not have received their first bachelor's degree; or if they have, they must be enrolled in a graduate program for teacher certification or licensing.

Because the Pell Grant is awarded based on financial need, the federal government has devised a standard formula used to establish whether the student fits into the government’s idea of low-income. The equation factors in the student’s income and assets (if the student is independent); the parents’ income and assets (if the student is dependent); the household size; and the number of family members attending post-secondary institutions.

The amount awarded to Pell Grant recipients is also determined on a case-by-case basis. Factors contributing to the amount of money you receive include the student’s expected family contribution (EFC); the cost of tuition; and the student’s enrollment status (part-time or full-time studies). While each year the Pell Grant award amount increases, even if marginally, for the 2009-2010 school year the maximum amount of money awarded to each student was $5,350. This money can be used to pay tuition fees, books and materials, and living expenses.

Once you have been approved for a Pell Grant you will receive a letter in the mail indicating how your money will be delivered. Usually your school will either credit the Pell Grant to your student account, pay you directly (usually by check) or use a combination of the two. According to the Pell Grant guidelines, students must receive a portion of their grant at least once per term, or twice in the academic year.

Applicants may receive only one Pell Grant in an award year and may not receive Pell Grant funds from more than one school at a time. To apply to this grant program, students can visit their high school guidance offices or fill out the online application. Students must apply for aid by the end of June to be eligible for aid in the upcoming school year.

Order your free grant kit today to learn more about Pell Grants along with other low-income grants for which you that you could be eligible.

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