$6895 Financial Aid For Students: Who’s Eligible ?

Pell Grants and President Joe Biden's announcement of his detailed plan to forgive student loans have gotten a lot of attention from the media.

The federal Pell Grant program, founded in 1965 and now a legal obligation, is one of the largest sources of financial aid for college students.

Under the president's plan, announced in August, millions of Americans who borrowed money for their education will have up to $10,000 of their loans forgiven.

In addition, the student debt of those who received Pell Grant financial aid for low-income households during their studies will be reduced by up to $20,000.

In the year 2020, the subsidies were distributed to more than six million students enrolled in their first year of undergraduate study.

Pell Grants for the 2022-2023 academic year range from a minimum of $692 to a maximum of $6,895, based on how much a student's family is expected to be able to pay to their education.

If a student is enrolled in an accelerated degree program, they may occasionally qualify for more financial aid than the annual maximum.

In the 2015-2016 academic year, more than 90 percent of Pell Grant recipients were from families with annual incomes of less than $60,000.

Who’s Eligible

To qualify for a Pell Grant, applicants must complete the Free Application for Federal Student Aid, or FAFSA. Each year that you enroll in college, you must complete this.

If you are presently enrolled in school and haven't submitted your FAFSA for this academic year, you may still be eligible for the award if you do so before June 30.