There is a time for everything, as the good Book says. A time to reap, a time to sow, a time for joy, a time for sorrow, and a time to move out of your parent’s house. Yes. There will come a time when the need to be independent catches up to you. There are many perks that come with being independent. Perhaps, one of the coolest advantages of living free of your mom and dad’s clutches is well, you can do whatever you want anytime. The only downside to this condition is that you have to earn your own finances. Of course, you can still borrow from your parents but that is defeating the purpose of being independent. But what if you need to go to college or apply for financial assistance like a Pell Grant?
Established in the mid-60s via legislation called the Higher Education Act of 1965, the Pell Grant aims to provide financial aid to students who are financially challenged. Named after Democrat U.S. Senator from Rhode Island, Pell Grant, for many years has become the last resort for students who still want to pursue tertiary education despite adversary economic conditions. The financial assistance program is sponsored by the United States Department of Education. Originally known as the Basic Educational Opportunity Grant, Pell Grant offers assistance that is devoid of any need for repayments. However, it can only be awarded to students who will qualify for the criteria that are provided by the U.S. Congress. The criteria are submitted via the Free Application for Federal Student form or FAFSA.
The amount of grant or financial aid that the student will receive is based on the EFC or the Expected Family Contribution. The information regarding the Expected Family Contribution is based on the FAFSA form.
Now here is the tricky part. How does the U.S. Department of Education determine the ones that fall under the criteria of students who have great financial needs? As mentioned a while ago, the evaluation process will very much depend on the financial information derived from the Free Application for Federal Student form. This will also determine the exact family EFC of the student. Roughly, the factors that affect the U.S. Department of Education’s decision are the income and assets of the student applicant, the size of the applicant’s household, and the number of the student’s family household.
In addition, the allowances that are given to the applicant also depend on whether he or she is a dependent or independent student. The assessment rates also vary according to the student’s dependents. A Student Aid Report or SAR will be given ASAP to students after the filing of the Free Application for Federal Student form. The form is processed by the school in which the student was previously enrolled. The Student Aid Report will notify the student on whether he or she is qualified for Pell Grant or not.
With this information on the process of applying for a Pell Grant, you will already have an idea that moving out from your parent’s house is not a decisive factor in whether you qualify for Pell Grant. But if you still have some questions, then it is about time to contact the U.S. Department of Education for additional information.