Even though the Biden administration had already agreed to forgive some borrowers' college debt, the president announced this week that anyone making less than $125,000 a year is qualified to have up to $10,000 in federal student loans forgiven. Pell Grant recipients may be eligible for a $20,000 forgiveness.

How do Pell Grants work? According to the Department of Education, federal Pell Grants are given to students who "show extreme financial need." For the 2022–2023 award year, which runs from July 1, 2022, to June 30, 2023, the top federal Pell Grant award is $6, 895.

The following factors affect the amount a person may receive: A student's expected family contribution is determined by the info they provide on their Free Application for Federal Student Aid (FAFSA) forms. the price of attendance for a student's program, as established by a university. if a student is enrolled full- or part-time.

For whom are Pell Grants available? Federal Pell Grants are typically given to undergraduate students without a bachelor's degree, a graduate degree, or other professional degrees in addition to those who demonstrate financial need.

Do Pell Grants require repayment? A Pell Grant is not a loan and is often not subject to repayment.

How do you make a Pell Grant application? Start by filing an FAFSA form if you think you could be qualified for a Pell Grant. That data will be used by your institution to assess your eligibility.

If you qualify, the amount you can get will be decided by the school. To continue to be eligible for federal student aid, you must submit an FAFSA form each year that you are enrolled in a higher education program.

How can you tell if you are a Pell Grant recipient? Check your personal account on studentaid.gov if you're unsure whether you received a Pell Grant. Following Biden's statement this week, the website is seeing high usage, so you might have to wait to enter.