Financing your higher education can be overwhelming, especially if you come from a low-income family. You may not even be considering college because of your financial problems. However, there's a solution. It's called the Pell Grant.

What is a Pell Grant?

Free money. A Pell Grant is a financial-needs-based Federal grant that never has to be repaid. It was named after Claiborne Pell, a United States Senator. The reason behind the creation of this grant was to help poor have the opportunity to receive a college education. Hence, it is only available for low-income undergraduate students.

These grants must be used at one of the 5,400 participating colleges and universities. Your school will use the grant money to pay off your school tuition and fees or pay you directly, or both. Money is disbursed no less than once a semester.

Amount You Can Receive:

How much grant money you get depends on your family's income, the cost of attending your school, and whether you're enrolled full time or part time.

The 2006-2007 maximum Pell grant available was $4,050. For 2007-2008 it is now $4,310. As you can see, the maximum is subject to change each year depending on program funding.

Pell grant money is helping low-income families all over the United States send their children to college. These kids who receive a college education are adding value to our economy. How Do I Apply?

To apply for a Pell grant you have to complete a Free Application for Federal Student Aid (FAFSA). You may choose to do this online or through your Financial Aid office.

The first thing that you will need to do before filling out an online FAFSA is obtain a PIN (Personal Identification Number.)

As you fill out your FAFSA, you will want to have a few documents nearby. These documents are your Social Security card , driver's license, previous years W-2 form and any other income records, previous years Federal Income Tax Return, your parents' Federal Income Tax return from the previous year, and a couple other things.

Once you are done filing a FAFSA, you will receive a Student Aid Report (SAR) which will tell you whether or not you are eligible for a Federal Pell Grant.

The deadline for filing a FAFSA has passed for this academic year. You can't get a 2007-2008 application anymore. However, don't give up hope! Apply for a Pell grant for 2008-2009. The deadline is June 30, 2008. Don't miss the deadline again!