As a result of Vice President Joe Biden’s unveiling of his comprehensive student loan forgiveness plan, Pell Grants have garnered a great deal of media attention.
In August, the president proposed a plan that would forgive the remaining balances of student loans for tens of millions of Americans, up to a maximum of $10,000 per.
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Also, it helps those who received a Pell Grant in college (a form of financial aid for those from low-income families) cut down on their debt by up to $20,000.
The federal Pell Grant program, which began in 1965 and is now mandated by law, is one of the most popular and effective forms of financial aid for college students. More than 6 million 2020 undergraduates received the funding.
For the 2022-2023 school year, Pell Grants can range from $692 to $6,895, based on the estimated financial need of the student’s household.
There are cases in which a student enrolled in an accelerated degree program could get more than the usual amount of financial aid.
To what people does this apply?
Pell Grant recipients in 2015–2016 represented almost 90% of students from families with annual incomes of less than $60,000.
In order to receive a Pell Grant, one must first fill out the Free Application for Federal Student Aid (FAFSA). This is a yearly requirement, regardless of how many times you enroll in college.
If you are a current student who has not yet submitted your FAFSA for the current academic year, you may still be able to do so before the June 30 application deadline and be considered for the award for the current academic year.