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 scholarships.
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 online college grant.
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.
Many people who are enrolled in online degree programs must work full-time, so their available time for college education is limited. One of the best things about the new changes in the Pell Grant for online college students is that now part-time students are eligible to receive aid. Previously, only full-time students could receive funding from the Pell Grant. The amount of money awarded under the new system is dependent on the number of hours in which you are enrolled; full time students will still receive the most money. Don’t stop reading here, find out more about grants for online college.
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.
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.
