Pell Grant Loan: Meaning, Eligibility, Terms and Amount
Jthe recent announcement by the American President Joe Biden forgiving up to 20,000 in student loans has caused a lot of fury among Americans. While Biden’s intentions can be seen as noble, questions remain about the effect of canceling student loans, especially on the already high inflation the United States is currently experiencing.
Another key point to keep in mind is the fact that there are two categories of forgiveness: the general category which will forgive $10,000 to anyone earning less than $125,000 a year, and Pell Grant recipients, who will receive an additional $10,000 in pardons, meaning they will be entitled to a total of $20,000.
What are Pell Grants?
A Pell Scholarship is a scholarship awarded by the United States government to students who are in extreme financial need to attend college. Unlike loans, these grants do not have to be repaid.
The maximum Federal Pell Grant for the 2022/23 academic year is $6,895. Students are eligible to apply for the scholarship every year, with the scholarship limited to a maximum of 12 semesters.
Who is eligible?
Individuals must meet the following criteria to be eligible for the Pell Grant:
- Be an undergraduate student
- Demonstrate exceptional financial need
- Comes from a family whose annual income does not exceed $60,000
- Be enrolled at a recognized university as a full-time or part-time student
- Be a US citizen or eligible non-citizen
How to register
Those who meet the above criteria can apply for a Pell Grant by completing the Free Application for Federal Student Aid (FAFSA) online.
How do you check if you have received a Pell grant?
- Visit StudentAid.gov and login using your credentials, you also have the option to reset your password.
- Verify your information as requested by the site.
- Go to the dashboard, which should give you an infographic of your total loan balance, including how much you owe on principal and interest and also whether you’ve received any funds.
- Click on “View Tabs” and select the “View Grants” button, which should show you information about the individual grant, amount, year awarded, and point of contact for your college.