Education Pell Grants for Seniors
It's never too late to make that dream of a college education a reality, and many seniors use their retirement as an opportunity to attend classes in college and earn their degree or to take courses simply to learn. For many, however, tuition costs may be an obstacle to attending college. The Department of Education's Pell Grant is one federal solution that may provide seniors with tuition assistance.
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Applying for Pell Grants
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The first step toward receiving a Pell Grant -- or any form of federally subsidized financial aid -- is to submit a Free Application for Federal Student Aid (FAFSA) to the Department of Education. The FAFSA is the standard tool used to gauge a family's ability to pay for college, and measures a family's income and assets against schools' tuition costs. While many applicants and their families may be hesitant to provide the intimate financial details requested on the FAFSA, the information is held in the strictest of confidence by the Department of Education and not shared with educational institutions. Seniors who submit a FAFSA are automatically considered for Pell Grant eligibility.
Pell Grant Awards
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The Department of Education awards Pell Grants strictly on the basis of financial need. Using information from the FAFSA, the department determines a family's expected contribution toward educational costs. Pell Grants may be used to supplement the amount between a senior's expected contribution and tuition and other costs. Recipients of Pell Grants may receive up to $5,500 per year in aid for the 2010-2011 school year. Recipients of these grants are under no obligation to repay them.
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Fixed Incomes and Eligibility
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Seniors who receive a pension or are otherwise on a fixed income may be likely to be eligible to receive a Pell Grant. The Education Department considers each applicant's financial situation, so there is no watershed level of income that guarantees access to a Pell Grant. Some seniors with large holdings, such as investments and retirement accounts or other financial holdings, may not qualify for a grant, despite low monthly income from pensions or Social Security, as eligibility is based on the measure of an applicant's overall financial situation, not just his earnings.
Federal Supplemental Educational Opportunity Grants
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Seniors who qualify for a Pell Grant may also qualify to receive a Federal Supplemental Educational Opportunity Grant from the Department of Education. As with Pell Grants, the department awards an FSEOG strictly on the basis of financial need, and it is granted to applicants who are deemed to have severe financial need. The FSEOG program may provide up to $4,000 each year for qualifying seniors. All students who submit a FAFSA are automatically considered for FSEOG eligibility.
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