When you’re looking to find different ways of getting financial assistance for college, you may have come across a “Pell Grant.”  While this grant can be confusing, I wanted to help clear things up on how it works and how you can apply for one.

What is a Pell Grant?

A Pell Grant is sponsored by the Department of Education and it’s designed to help college students that are in need of getting financial assistance for college.  The cool thing about this grant is that it requires no re-payment of the loan.

This grant was named after the late U.S. Senator Claiborne Pell of Rhode Island in the United States.  It’s name before it became the Pell Grant was the Basic Educational Opportunity Grant program.

Who can get one?

This type of grant is designed for those in a poorer family.  These grants go out to every type of student body.  The only requirement that you’re going to have to meet is the income requirements.

A study that was conducted found that many of these grant recipients made no more than $41,000 in the household.  The fair majority of these made less than $20,000 in one year.

How much can I get?

Based on 2010 numbers, the maximum amount award was $5,550.  This number has gradually gone up over the years.  Again, if you can get your hands on this type of grant money, you will not have to pay it back.

How can I apply for one?

You’re going to want to meet with a financial advisor at your current college.  He/she will be able to get you on the right path, if you’re interested in a grant such as this one.

If you want more information on these grants, you can get more information over on the US Department of Education page.