I am trying to figure out what is the best way to finance my sons college education starting fall 2021. I am a single parent and just received my FAFSA EFC which was 16K. my son received a financial breakdown from one of his prospective schools and the only aid it showed were loans. can someone educate me on Pell grants? is it only for low income families? thanks
The Pell grant amount that a student may be eligible for is based on the student’s FAFSA EFC. With an EFC of $16k, no Pell grant will be awarded. Official information here:
Your FAFSA EFC needs to be $6000 or so or less to qualify for even a portion of the Pell Grant. Your EFC is too high.
Your son will qualify for the Direct Loan…$5500 for freshman year.
Some states have grant programs for folks with incomes below a threshold. What state do you reside in?
Does your son have high GPA and SAT or ACT scores? Might he qualify for merit aid someplace?
What can you afford to contribute towards colleges annually?
The $5500 Direct Loan could possibly pay the costs of a community college if you live close enough to commute to one.
Yes, look for merit aid options. Run the Net Price Calculator on each school’s web site to see how the potential Financial Aid looks. Look at in-state options where the tuition will be less expensive.
What is your home state. While you may not be eligible for federal aid, you may be eligible for state tuition aid.