Graduation day can mean the end of your eligibility for Pell grants.
The Federal Pell Grant program, which began in 1965, makes money available for college students depending on their financial need. The single most popular federal student aid program, Pell grants help more than 5 million students attend the college or university of their choice each year. Unlike some other federal student loans, Pell grants do not have to be repaid. There are strict program requirements and guidelines, however, and most graduate students will not qualify for a Pell grant.
Application
To qualify for a Pell grant, students must submit a Free Application for Student Aid, or FAFSA, form. This is a statement of their income and resources that is required for all federal educational loans and grants. The government requires students to enroll at least half-time and to attend a college or university that takes part in the program.
Restrictions
The Pell grant program is restricted to undergraduate students who have yet to complete their first bachelor's degree program. Students may not apply for Pell grants for more than one school at a time. In most cases, graduate students do not qualify for Pell grants, but there are exceptions.
Qualifying Graduate Students
Graduate students may apply for a Pell grant if their course of study will conclude with the award of a teaching license or certificate. Thus, following a graduate-level teaching program in a state university system will qualify a student for a Pell grant.
TEACH Grants
As an alternative for graduate students, the government offers the Teacher Education Assistance for College and Higher Education grant, also known as TEACH. The student must sign an Agreement to Serve, which declares their intention to teach for at least four years in a school, either private or public, that serves low-income students. If the student does not meet this obligation, the grant converts to a loan and must be repaid. The maximum TEACH grant is $4,000 per academic year.
Alternatives
The government offers several alternative student loan programs to graduate students. These include Stafford loans, which must be repaid but on which interest may be deferred until you complete your studies. PLUS loans are available to graduate and professional students and are not means-tested, meaning candidates do not have to meet income restrictions. Perkins loans are also available, have a maximum amount of $4,000 a year and carry a set interest rate of 5 percent, as of 2010.
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