Homeschool at ProfessorCheap.com

Go To School Online With The Help Of Pell Grants!

September 1st, 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 grants and scholarships.

The Pell Grant is a financial aid program that may be used by students who attend accredited online degree programs at the undergraduate level. The grants are awarded based on financial need, and most students who receive awards have family incomes that are around $30,000 or less. However, that doesn’t mean that families with higher incomes will not qualify, depending on the application data. Some families with $60,000 incomes will qualify depend on their particular situation.

Congress recently enacted sweeping changes to the Pell Grant program with legislation that was passed earlier this year. The changes are highly beneficial to students in online degree programs who need funding to help them achieve their degree. The majority of the changes have to do with award amounts and various eligibility requirements. If this interests you, then you should read more about grants for college.

An increase of $200 for the Pell Grant is now in effect for the upper range of the award. This year, the new top award is $5,550. Also, for the first time, in 2013 – 2014, the Pell Grant will have a cost of living adjustment. This adjustment will be in conjunction with the consumer price index, with one percentage point added.

The threshold for the Expected Family Contribution (EFC) has also been changed. In the last incarnation of the Pell Grant rules, families whose EFC was below $4,617 were eligible for some type of aid from the Pell Grant, with those families whose EFC being closer to $0 receiving the most aid. The ceiling for the EFC has been raised to $5,273; thus creating a larger pool of applicants who can receive some type of assistance from the Pell Grant.

In the past, only full time students could expect to receive money from a Pell Grant. That was bad news for online college students, because many online students work full time and don’t have time to go to school on a full-time basis. Beginning this year, part-time students may now apply for the Pell Grant, and students who qualify based on their need, even if they are part time students, will receive it. Don’t stop reading here, find out more about single mothers grants.

Students who attend online colleges and are enrolled on a part-time basis often make up for lost time by attending summer sessions. In the past, students were not eligible to receive aid from the Pell Grant for summer sessions. Now, however, by taking a minimum of six credit hours during a summer session, students can qualify for two Pell Grants over the course of an academic year instead of just one. Check with your school’s financial aid office regarding their specific requirements for applying for the summer Pell Grant.

The Pell Grant is likely to become even more popular than it was in the past with the wide range of beneficial changes to the program. Online degree students may be among the most benefited because of the new summer session rules, among others. Being able to finish their degree program in a lesser amount of time than they thought, with fewer student loans; helping students move into their new careers with a much greater sense of financial security than they thought possible.