When applying for FAFSA, the key to completing the forms in a successful and timely manner is having tax returns handy. Without them, the forms cannot be filled out accurately and students might not receive the money they need.
Eligible applicants must have their current tax return. Those applying for the 2010 school year should have their 2009 return handy so that they'll be able to fully fill out the application without experiencing any bumps in the road.
Who is Eligible for the Pell Grant?
Eligibility for the Pell Grant is determined on the basis of four factors:
- Expected family contribution of the student
- Cost of tuition
- Whether the student will attend school full or part time
- Whether the student will be in school all year
Based upon the standards of family contribution, an unmarried working student living with his or her parents will not be as likely to receive student aid as an independent unmarried person. A married person with children will be even more likely to receive help, but family size is not the only factor.
Students with high incomes and assets will not be as likely to receive as much aid because federal student assistance is a need-based program, which is also why tuition cost and school attendance are taken into account. A student at Long Island's Hofstra University will be in more need than one at neighboring Nassau Community College.
How do Pell Payments Work?
Students that are found to be eligible for the Pell Grant will have to submit their paperwork every year. Pell money will be sent directly to the college and any overpayment will go to the student for books or whatever other expenses can be covered with it.
Much like the Montgomery GI Bill, however far the money can be stretched, it should. Using any leftover money wisely will make a big difference when it comes to how much debt a student may incur over the course of his or her educational career.
The absence of such debt will allow one to have more options in career choice, such as not having to make a decision solely based on salary amount. Having unnecessary debt, on the other hand, will eliminate such options without other forms of outside help.
The FAFSA program is a great means of supplementing one's college fund. For those without any funds previously, it may be the only assistance they have. When it is used wisely in conjunction with good study habits and a goal in mind, it can work wonders for one's education.
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