Online Degrees Programs – New And Improved Pell Grants And More Are Here!
Perhaps the most popular financial aid program for college students is the Pell Grant. The Pell Grant is a government run financial aid program for students who are working on their first undergraduate degree or other qualifying post-secondary education certificate or training program. The Pell Grant helps with educational costs associated with a wide variety of programs, including trade and vocational education, and associate and bachelor degree programs at online schools and traditional colleges.
The Pell Grant is a financial aid program that may be used by students who attend accredited online degree programs at the undergraduate level. The grants are awarded based on financial need, and most students who receive awards have family incomes that are around $30,000 or less. However, that doesn’t mean that families with higher incomes will not qualify, depending on the application data. Some families with $60,000 incomes will qualify depend on their particular situation.
In the spring of 2010, Congress passed important changes to the administration of the Pell Grant. Students who are in online degree programs will do well to become familiar with the changes, because many of them may have a direct impact on a typical online college student. Most of the new regulations are concerned with how much money may be awarded and/or student eligibility.
Beginning this year, the upper award for a Pell Grant is now $5,550, which is a $200 annual increase. The Pell Grant has never had a cost of living increase built into it, but now it does. In the 2013-2014 school year; the COLA will go into effect; it will be tied to the consumer price index plus one percent.
Last year, the Expected Family Contribution (EFC) threshold was $4,617. Beginning this year, the threshold has been moved to a higher amount: $5,273. Now, more families will be qualified to receive aid from the Pell Grant, but families whose EFC is the lowest will receive the most aid.
Many people who are enrolled in online degree programs must work full-time, so their available time for college education is limited. One of the best things about the new changes in the Pell Grant for online college students is that now part-time students are eligible to receive aid. Previously, only full-time students could receive funding from the Pell Grant. The amount of money awarded under the new system is dependent on the number of hours in which you are enrolled; full time students will still receive the most money.
For many online college students, the summer is a time to make up classes since many students must work full time and they can only take classes on a part-time basis. If these students were using a Pell Grant to pay for their classes, they weren’t allowed to pay for their summer classes using Pell Grant funds. With the upcoming school year, the rules for summer session classes have been changed; now a summer session Pell Grant is available to eligible students who take a minimum of six hours during the summer. You financial aid office will have more details regarding the summer Pell Grant program.
Now that Congress has enacted these changes to the Pell Grant, more students than ever may be eligible for financial aid. Many of the modifications to the grant program are very beneficial to students who are enrolled in online school programs. By taking advantage of the changes, online students may be able to finish their degree programs in less time, with more financial help in the form of college grants and scholarships.
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