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Pell Grants: What They Are And How To Qualify - YouTube
Channel: The College Investor
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Pell grants are a form of financial aid
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provided by the Department of Education
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they're not loans so recipients don't
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have to repay this money if they receive
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a Pell Grant however there are certain
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terms in order to qualify for a Pell
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Grant in this video we're going to break
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down exactly what they are and how to
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qualify hey guys welcome back to the
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college investor investing and personal
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finance for Millennials so Pell grants
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are awesome if you can qualify for them
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they are free money provided by the
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Department of Education and your grant
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money is actually based off of your
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FAFSA form so we'll get into that in
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just a second but Pell grants are a
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great way to provide free money to pay
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for your college expenses Pell grants
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are typically for students who exemplify
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extreme financial need in some cases if
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you are training to be a teacher and
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you're working on your master's degree
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you could get a Pell Grant but typically
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these are reserved for undergraduate
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students only so to qualify for a Pell
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Grant you must meet the following
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criteria first you have to be a US
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citizen second you need to be enrolled
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as a student and an undergraduate
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program and you have not earned an
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undergraduate or bachelor's degree yet
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or if you're a part of a qualified post
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baccalaureate Teachers Training Program
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you also need to have completed the
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FAFSA and have received the Pell Grant
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for less than 12 terms if this is your
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first time applying for a Pell Grant
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then you don't really need to worry
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about this just know that it you haven't
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received it for more than 12 terms and
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you must demonstrate financial need so
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basically you'll need to demonstrate
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financial need by proving that your
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family has a very low income and the
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expected family contribution is very low
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the expected Family Contribution or EFC
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use us a calculation by the federal
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student aid website to determine your
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eligibility if your family has in the
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past been on government programs like
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Snap WIC Medicaid and they've earned
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less than 26 thousand dollars a year and
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more than likely their EFC will be zero
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which makes you very eligible for
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receiving a Pell Grant in fact when I
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went on the federal student aid website
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and I was using their calculator it was
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actually really easy to go through all
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you have to do is answer some basic
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questions some personal questions you'll
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probably also need to know your parents
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income and you can usually get that from
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a tax return now you'll probably need to
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be working on this with your parents
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that that's the case
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but it was really really simple and
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straightforward so basically you can get
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up to sixty four hundred dollars in Pell
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Grant money but really it boils down to
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three major factors that helps you
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qualify for the Pell Grant first the
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cost of attending your school is
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factored in you can't receive more than
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the estimated cost of attendance second
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your family's expected contribution this
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the EFC number which is determined by
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your FAFSA form and your student status
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whether you're full-time or part-time
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it's important to note that you don't
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have to apply for a Pell Grant
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separately when you fill out your FAFSA
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form that's going to spit out all
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possible types of federal student aid
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that you could receive and that you're
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eligible for so this isn't a separate
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form so long as you're filling out your
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FAFSA form every single year then you're
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going to see that as a potential form of
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student aid if you qualify also another
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very important note you do not have to
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accept everything that is being offered
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to you take a look at what your tuition
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and school fees cost and then compare it
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against what you actually are eligible
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for for federal student aid you don't
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want to take more than
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aid also if you are offered a pell grant
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definitely take it it's free money that
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you don't have to pay back so that would
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be one of the first things that I would
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accept if this popped up on my federal
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student aid form okay so that's Pell
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grants in a nutshell if you're curious
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about ways to save for college or just
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how to pay for college in general be
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sure to check out all of the free
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resources available to you at the
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college investor com
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you
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