Student Loans without Cosigner & the Pell Grant
One of those options is the Federal Pell Grant. There are many advantages available through the Federal Pell Grant, including the fact that you do not have to pay back this grant. It is also incredibly easy to apply for the Pell Grant. With the receipt of this grant, you might actually need few if any student loans.
The process of preparing for college can frequently be stressful for most prospective college students. When you consider the worries associated with determining how you care going to pay for college, stress can add up even faster. Federal Pell Grants can help to eliminate a large amount of this stress and worry, especially if you are in need of a student loan without cosigners; or a bad credit student loan.
The mistake that many college students make is assuming they would not be eligible to receive the Federal Pell Grant. Even if you are fairly certain you are not eligible to receive this grant, it is still imperative that you take the time to apply for it. First, you can never be absolutely certain you will not qualify until you actually apply for the grant. In addition, there are actually some types of financial aid programs that you might qualify for, but you will never know until you apply for this grant.
This federal grant program was specifically designed to assist low-income undergrad students. There are also some graduate students who may also be eligible to receive the Federal Pell Grant. Thousands of trade schools, universities and colleges around the country accept this grant.
It should be understood that the actual amount you will be able to receive through this grant will vary based on a number of factors. Such factors can include the amount of your expected family contribution as well as the amount of your college tuition. Whether you are attending college on a part-time or full-time basis can also affect the amount you are able to receive through this grant.
It is quite easy to apply for the Pell Grant. In fact, you might be surprised to find it is easier to apply for a Pell Grant than a no cosigner student loan. You can even apply for the Pell Grant at the same time when you complete the FAFSA or Free Application for Federal Student Aid. After you have completed and filed this form, you will ten receive the SAR or Student Aid Report. This is the report that will inform you whether you are eligible to receive the Pell Grant.
There are some circumstances under which you may not be able to qualify for the Pell Grant, even if you are determined to be eligible financially. For example, if you have previously received a Bachelor’s degree, it is possible you might not qualify, although there can be some exceptions. Applicants who are currently imprisoned or who have a prison record may also not be able to qualify to receive the Pell Grant. It is important that you speak to a financial aid officer to determine whether your situation may be an exception to the eligibility qualifications. You may also not qualify to receive a Federal Pell Grant if you have previously defaulted on a guaranteed student loan.
A Federal Pell Grant can help to pay for a significant portion of the money required to attend college, so it is quite important that you take the time to apply for this grant, especially if you are trying to avoid taking on student loans of any type, including student loans without cosigner needed to help you get the loan.
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