Well, it's a Federal relief, funded by Education Department and provided by schools to those students who are not financially stable to pay education fees.
President Biden (@POTUS) tweeted that nearly 87% of debt cancellation benefits will go to borrowers earning less than $75000.
According to Federal Student Aid (FSA), you don't have to repay Pell Grants until you withdrew early from the program and receive outside scholarships.
As per FSA, students need "Exceptional Financial Need" to qualify under Pell Grants.
1 Family or parents' income is less than $60,000 a year.
2 Must be enrolled in a degree or certificate.
3 Must be enrolled full-time or part-time.
Well, It depends on your Expected Family Contribution, the cost of attendance, and your status as a full-time or part-time student.
Last Call for Corrections! Any corrections or updates to your 2021–22 FAFSA form must be submitted by 11:59 p.m. Central time on Sept. 10, 2022.
Borrowers who are not eligible for Pell Grants can get up to $10000 relief if their annual income is less than $125000 or $250000 in the case of a married couple.
The money will be directly paid to you or it may be provided to schools when they will apply for Pell Grants.