Financial aid comes in many different forms: need-based scholarships, grants, work study and loans. All these components work together to make attending college an achievable dream for every student.
Like scholarships, grants do not have to be repaid, and students can qualify for grants from a variety of sources. Grants can be awarded by the federal and state governments, colleges and public or private organizations. Oftentimes, grant money fills the gap between the sticker price of a college and what a family can realistically pay .
The Pell Grant is a federally funded grant program that has been around since 1965. Fortunately, the program today is bigger than ever, in dollars awarded and students helped. More students are set to earn the $7,395 maximum Pell Grant award for the 2024-2025 award year! The number of eligible students could grow if SAI formula adjustments garner congressional approval. More details are expected in late March.
It is recommended that students complete the FAFSA as soon as possible, given that the financial aid is distributed on a first-come, first-serve basis. However, the FAFSA does have an 18-month application cycle and can be submitted as late as June 30 of the following year it is released.
The FAFSA will ask about both the student and parents’ financial circumstances and use that information to determine the Student Aid Index (SAI). A combination of incomes and assets, family size, Federal poverty guidelines, and state of residence are used to determine the Pell Grant amount a student will get.
Once the SAI is determined, the student will receive a FAFSA Submission Summary or the school will receive an Institutional Student Information Record (ISIR). The FAFSA Submission Summary will give the student an estimate of his/her Federal Student Aid awards, including their estimated Pell Grant total.
It’s important to complete the FAFSA every year as financial circumstances can change from year to year. If financial circumstances change substantially after the FAFSA is filed, students can appeal their financial aid award package.
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