Go To School Online With The Help Of Pell Grants!

August 19, 2010

For years, students have relied on the government’s Pell Grant as a way to help pay for their college education.  The grant has remained extremely popular since its inception, because it aids undergraduate student who are seeking their first degree with money that does not need to be repaid.  The Pell Grant helps pays for various types of degree programs, including vocational and college degree programs at the undergraduate level. There is much more to learn about this subject, as well as college grant.

The Pell Grant is designed primarily to assist students from low-income families, but it may be available in some cases to students whose family income reaches up to $60,000.  As a general rule, most students who receive the Pell Grant have family incomes in the $30,000 range.  Students who attend accredited online schools may also apply any Pell Grant award to their educational costs or other associated expenses.

The Pell Grant program was recently revamped by Congress with important changes to the administration of the program.  The changes that were implemented are mostly concerned with benefit amounts and the eligibility of applicants.  Online degree students are one of the groups of students who may be highly impacted by these changes in a positive way. If this interests you, then you should read more about money for college.

Beginning this year, the upper award for a Pell Grant is now $5,550, which is a $200 annual increase.  The Pell Grant has never had a cost of living increase built into it, but now it does.  In the 2013-2014 school year; the COLA will go into effect; it will be tied to the consumer price index plus one percent.

The Pell Grant award is calculated using a formula that includes the Expected Family Contribution (EFC).  Beginning this year, the EFC threshold has been moved upward, from $4,617 to $5,273.  Because the threshold was moved upward, the number of people who may qualify for aid is automatically increased; however, the families whose EFC is lower will receive more aid than those families whose EFC is near the top.

Often, people who work full time enroll in online degree programs because of the time factor; they don’t have time to go to school on a full-time basis.  Previously, they would not have been eligible to receive aid from the Pell Grant, because only full time students were qualified.  Now, however, the full-time requirement has been waived.  Students who are enrolled at less than full-time may now be qualified to receive a Pell Grant award. Don’t stop reading here, find out more about grant for online college.

Many students at online colleges go to school year-round, to make up for the fact that they can only attend classes on a part-time basis.  Before this year, classes that were taken during the summer session were not allowed to be paid for using Pell Grant money.  With the upcoming school year, students can now essentially receive two Pell Grant awards: one for the regular school year, and one to cover summer sessions.  They must be enrolled in a minimum of six credit hours to receive the summer session Pell Grant; check with your financial aid office for details.

Now, more than ever, online college students should familiarize themselves with the changes to the Pell Grant program.  With the new changes in place, many more students may qualify for aid, in larger amounts and covering more classes than before.  With financial help from the Pell Grant, students may be able to finish school in less time with a lower dependence on loans, creating a more secure financial future for themselves and their families.







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