Can You Live at Home With a Pell Grant?
Many people who wish to continue their education past high school must rely on federal or state financial aid in order to be able to afford the tuition and living expenses associated with post-secondary education. You may be eligible for federal financial aid, including a Pell Grant, regardless of whether you are living on-campus, off-campus, or at home with your parents.
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Pell Grant
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The federal Pell Grant provides the foundation for the federal financial aid awarded to students. The Pell Grant is awarded based on need. Because the Pell Grant does not have to be repaid, schools encourage students to use the Pell Grant funds first, and then consider any additional financial aid offered. In most cases, you must be an undergraduate student in order to qualify for a Pell Grant. The maximum amount available changes each year. As of publication, the maximum is $5,550, but you may not qualify for the entire amount.
Expected Family Contribution
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Eligibility for a Pell Grant award is determined, in part, by your Expected Family Contribution, or EFC, amount. In order to apply for any federal financial aid, you must complete the Free Application for Federal Student Aid (FAFSA). The FAFSA asks you questions about your dependency status and your income, as well as that of your parents if you are a dependent student. Once the FAFSA has been processed, you will be assigned an EFC amount, which represents the amount you and your family are expected to be able to contribute to your education for the year. The lower your EFC amount, the more financial aid you will qualify for.
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Budget
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Along with your EFC amount, the budget at the school where you plan to attend will directly affect the amount of financial aid for which you qualify. Each school establishes a budget based on the cost of tuition, books and living expenses. Where you will live during the year will impact your budget for the year. Typically, if you indicate that you plan to live with your parents, your budget for the year will be less than that of someone who plans to pay for on-campus housing, or live off-campus in an apartment or rental unit. While the amount of your Pell Grant may be affected by living with your parents, you are eligible to receive a Pell Grant award while living at home if you meet all other requirements.
How to Apply for a Pell Grant
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Applying for all federal, and most state, financial aid starts with completing the FAFSA. The FAFSA may be completed online or by requesting a paper application. While you may complete the FAFSA at any time during the year, the priority deadline is March 1 of the year in which you plan to attend school.
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