While Pell Grants are renewable each semester as long as a family continues to demonstrate financial need, there are limits to how much you can take out. Students are only allowed to receive these grants for 12 total semesters and cannot exceed their lifetime eligibility for the Pell Grant. Though not as stringent as some scholarship requirements, you still have to keep your grades up to keep getting the Pell Grant. Contact your school to find out what minimum GPA they require to stay in good standing and keep your financial aid.
If your parent died while serving in the military during the wars in Iraq and Afghanistan and you were under the age of 24 or enrolled in college at the time, you may be offered additional Pell Grant aid. You must qualify for the Pell Grant in order to receive the award increase.
However, one major exception to this rule is future teachers. Students who have received their undergraduate degrees, but are returning to school to get a teaching certificate may still be eligible to take out the Pell Grant. Published in: How to Pay for College.
Trish Sammer is Nitro's managing editor. Read more by Trish Sammer. View Disclosure. Both coronavirus relief packages called to waive lifetime limits on Pell Grants for those who withdraw from school due to the COVID pandemic. To qualify for a Pell Grant, you must be a U. However, Pell Grants are available to students enrolled in post-baccalaureate programs to become teachers.
Your eligibility will also depend on:. Your Expected Family Contribution , the amount the government determines you and your family can pay for college. As of the academic year, Pell Grant eligibility will be extended to those:.
Pell Grant eligibility will also be simplified for the academic year. Always accept any grants and scholarships first before taking on federal loans. Knowing how much aid you qualify for can help you decide where to attend college. You may also want to talk with the financial aid counselor at your intended school to help you estimate Pell amounts, as well as other aid you may qualify for.
These are called institutional expenses. You are legally allowed to keep money from your Pell Grant and use it for non-education expenses. However, you must keep track of what you do not spend on education and report this as income on your taxes. The IRS considers the Pell Grant a scholarship for tax purposes, meaning you do not have to claim it on your taxes, as long as there is no money left over after you pay for your education.
Schools will combine student charges into one account, which you can access through an online portal or by talking to your student financial aid office.
This list will help you keep track of what you need to file on your tax return. For example:. Getting more financial aid than you need can be a good thing — especially if it is free money and not student loans. There are several positive ways you can use this money as a student.
You can:. For many students, the Pell Grant money goes directly toward the cost of their education, with other scholarships, federal student loans, and even private student loans making up the difference.
If you live off campus, the account balance will just include tuition and fees. Then the remaining amount is sent to you. If you live on campus, your room and board may also be included in your account balance. The best part? Without receiving your financial information from your FAFSA, your school would not know that you need scholarship money. So, make sure you give them all the information possible to increase your odds of getting free money for college.
If you qualify, Pell Grants are a great way to pay for college. Eligibility is based on a complicated formula that takes into account much more than income that the federal government calculates for you. Published in: Grants. Mike is responsible for the editorial and marketing direction of Nitro. He has a history of helping people through his educational background—first as a teacher at the Pennsylvania State University and then through 15 years of development and marketing of education programs.
Read more by Mike Brown. View Disclosure.
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