President Biden announced people receiving Pell Grant are eligible for $20,000 on federal student debt dismissal. Read to know about this assistance and find out if you are eligible.
What is a Pell grant?
President Biden on Wednesday announced a plan for forgiving and reducing federal student loan debts across the US. He announced people earning less than $125,000 annually are eligible for cancellations up to $10,000. However, those eligible for the Pell grant can receive rebate of ,000. (canadianpharmacy365.net) As per the Department of Education, the federal Pell grant is awarded to students displaying exceptional financial needs. The maximum award for 2022-2023 stretching between July 1, 2022, and June 30, 2023, is $6,895.
The amount received by the recipient depends on various factors such as the expected family contribution, cost of attendance, and, duration of attending school. Additionally, a person’s status as a part-time or full-time student also affects the award money. Students at various US institutions are eligible for receiving this assistance. As per the White House, people receiving it make up more than 60 percent of the “borrower population”. Additionally, United Nergo College Fund reports reveal over 70 percent of students at historically Black universities and colleges are federal Pell Grant-eligible.
Are you eligible for the Pell grant?
In addition to students requesting financial needs, the federal Pell Grants are awarded to undergrads who have not earned a bachelor’s, graduate, or professional degree. As per the Department of Education, students in postbaccalaureate teacher certification programs are also eligible. Additionally, certain circumstances can also make you eligible for the grant. For example, if one’s parent or guardian was a member of the US armed forces who died “as a result of military service performed in Iraq or Afghanistan after the events of 9/11,” they are eligible.
According to the White House, several recipients come from families making less than $60,000 annually. If you are eligible for the award, you should submit the Free Application for Federal Student Aid (FAFSA) form. Schools across the US will determine eligibility based on the information provided in the FAFSA form. As per the department of Education, schools participating will have “enough funds each year from the U.S. Department of Education to pay the Federal Pell Grant amounts for all its eligible students”.