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Receiving a Pell Grant can be life changing. Unlike student loans , Pell Grants do not have to be repaid. Pell Grants can be used at community colleges, technical schools and undergraduate degree programs, and are only available to students who do not already have an undergraduate degree. Pell Grants are not available for graduate or professional programs. The exact amount you receive with a Pell Grant can change yearly. For example, if one of your parents loses their job, you may qualify for a larger Pell Grant.
If your parent receives a large raise, you may no longer qualify for the Pell Grant. You can use that money for qualified educational expenses, like textbooks or software for your laptop. You may receive more or less than your scheduled award in some years.
View your current Pell Grant usage by logging on to your official federal financial aid account. Once you reach the federal Pell Grant lifetime limit, you are unable to receive more Pell Grant funding. But that limit has no bearing on other types of financial aid. You may still be eligible for:. You can take out private student loans once you reach those limits, which may have higher loan amounts. Zina Kumok is a freelance personal finance writer based in Indianapolis.
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Other Resources. Other Calculators. Online Degrees. Online Colleges. Paying For Online Education. And Does It Apply to Me? Mike Brown Updated on April 7, How much you can get Not everyone will receive the max amount of Pell Grant aid.
Points to ponder: Dropping a course? Be sure to do so early because you might not be able to recoup any grant money from that semester—and it will still count toward your LEU.
Dual-degree major? You might hit the lifetime maximum faster than a single-major student.
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