Knowing the amount of money needed but also the years it takes to repay, many people interested in earning a college degree want to do everything possible to avoid taking out student loans. While there are times when loans are necessary, if you want to go to college we recommend you consider other financial aid options first. For instance, Pell grants are popular for a number of reasons, which are discussed in this article. In fact, when comparing different various options for government money to attend college, the advantages of Pell grants clearly stand out.
Although you would not be able to earn a four-year degree on Pell grants alone, this type of Federal government money proves beneficial when paying for books, lab time, and for community college tuition. Because of popularity, we wanted to provide specific advantages of Pell grants to show you why college money of this kind is an excellent consideration.
For starters, securing a Pell grant is a sure deal. What we mean by this is that once a college or university contracts with the Federal government to offer students this type of financial aid there is never a question of the money being paid. Because of this, educational institutions are open to securing the contract and providing an avenue for students to earn a degree. For you as the student, with Pell grant money being a certain, you know as long as you meet criteria for qualification the money is paid.
Another one of the top advantages of Pell grants is that qualifying is actually easy. Now, the amount you would qualify for could change from year to year based on the amount currently being offered by the government but that amount would be guaranteed. This particular grant is designed to assist low-income undergraduate and some post-baccalaureate students with additional money to finish school. Regarding the amount paid, this would depend on the amount of money your family would contribute to your education, the cost of tuition for the college or university of interest, whether you are a part-time or full-time student, and whether you attend college for a full academic year or less.
Even finding the application is considered one of the many advantages of Pell grants. Unlike student loans that require going from one lender to another to start the application process, Pell grant applications can be found in the financial aid office of the college or university where you plan to attend school or already attend, at public libraries, post-secondary schools, and many government agencies. Then for added ease and convenience, you could visit the Federal government’s website and download a Pell grant application free.
Management of funds that come from Pell grants is also easy. This means that once approved, if you were to move from one educational institution to another the money would be transferable. A perfect example of this would be starting out at a community college to complete your prerequisites. Once done, any approved Pell grant money would follow you when moving on to finish your degree at a four-year college or university.
Probably one of the greatest advantages of Pell grants is that there are really no disadvantages. In other words, everything from finding the application to completing it to being approved is considered easy. Even with public education about this kind of Federal government money, for some reason many people remain confused. If you want to earn your college education but need financial assistance, start by looking at qualification for a Pell grant. In addition to helping you get started on the educational journey, by not being required to pay the money back after graduating as you would with a student loan, this provides you with the opportunity to secure work and focus on building a nice savings instead of paying back money.