What is the difference between FAFSA and Pell Grant?
When it comes to financing higher education, there are a variety of options available to students. Two of the most commonly used options are the Free Application for Federal Student Aid (FAFSA) and the Pell Grant. While both of these options can help students pay for college, they are not the same thing. In this article, we will explore the differences between FAFSA and Pell Grant.
What is FAFSA?
FAFSA is a form that students fill out to apply for financial aid from the federal government. This form is used to determine a student’s eligibility for a variety of financial aid programs, including grants, loans, and work-study programs. FAFSA takes into account a student’s financial need, as well as their academic record, to determine how much aid they are eligible to receive.
What is Pell Grant?
The Pell Grant is a type of financial aid that is awarded to students based on financial need. This grant is funded by the federal government and does not need to be repaid. The amount of the Pell Grant varies depending on a student’s financial need, the cost of attendance at their chosen school, and whether they are attending school full-time or part-time.
What are the differences between FAFSA and Pell Grant?
While FAFSA and Pell Grant are both related to financial aid for college, there are some key differences between the two. Here are some of the main differences:
1. FAFSA is a form that students fill out to apply for financial aid, while Pell Grant is a specific type of financial aid that is awarded based on financial need.
2. FAFSA takes into account a student’s financial need, as well as their academic record, to determine how much aid they are eligible to receive. Pell Grant is awarded solely based on financial need.
3. FAFSA can be used to apply for a variety of financial aid programs, including grants, loans, and work-study programs. Pell Grant is a specific type of grant that is funded by the federal government and does not need to be repaid.
4. The amount of aid a student is eligible to receive through FAFSA can vary depending on their financial need and the cost of attendance at their chosen school. The amount of Pell Grant a student is eligible to receive also varies depending on financial need, but is capped at a certain amount each year.
In conclusion, while FAFSA and Pell Grant are both related to financial aid for college, they are not the same thing. FAFSA is a form that students fill out to apply for financial aid, while Pell Grant is a specific type of financial aid that is awarded based on financial need. Understanding the differences between these two options can help students make informed decisions about how to finance their education.
