Being awarded a scholarship is just the first part of the process. The receipt of a Federal Pell Grant can really help you throughout college, but you have to learn how to manage the funding you have available so that you can keep things under control. It is perfectly possible for a student who has been awarded the grant for the entire academic year, but to graduate after the fall semester. You have to know what the best course of action is in this situation.
The most important thing you need to know is that you will not be eligible for receiving the remainder of your Pell Grant after graduation. One of the conditions for the disbursing of the funds is the enrollment in classes. Since you will not be enrolled the following term, you become automatically ineligible for the scholarship. However, you will receive the part of the sum that is awarded to you for the first term of the academic year.
You should take into account the fact that you will not have to return the first term funding. You can use the Pell Grant money to cover all the education expenses you have during this semester. You will not be asked to account for your expenditure either. Still, your school’s financial aid office might ask you to fill in some papers regarding the financial matters related to your early graduation.
In general, it is essential for you to inform the financial aid office of your situation. They will advise on you on the steps you need to take, if any. The earlier you do this the better. In many cases, the students who graduate early are eligible for an increase of the Pell Grant sum for their final semester. Since you are awarded the entire funding, you might be able to arrange the receipt of a larger sum during the first part of the academic year. This money can be of great aid for covering part of your outstanding student loan, for instance. This option is extremely beneficial, so you should check whether you can take advantage of it and how.
It is possible for mistakes to happen and for students to get the Pell Grant for the second semester. This is highly unlikely, but if this is the case with you, you should not hesitate to return the money. When the mistake is discovered, you will be asked to do so anyway and you would not want to have problems with your school. In addition, you might have the option to get the grant for funding your postgraduate studies and you will certainly want to be eligible to grab this opportunity.
Overall, you will not get the Pell Grant if you graduate a semester early. However, you can arrange to get a larger sum during the first term of the academic year. It is important for you to provide for anything in advance and to make sure you do not have any outstanding debt towards your school.