Pell Grants are a type of federal financial aid you don’t have to repay. They’re usually reserved for undergraduate students who can demonstrate significant financial need, and who haven’t yet earned any degree.
Students can apply for Pell Grants by completing the Free Application for Federal Student Aid (FAFSA). However, not everyone who applies for the FAFSA will be eligible for a Pell Grant.
How to apply for a Pell Grant
When you complete the Free Application for Federal Student Aid (FAFSA), your school will use the information you provide to determine if you’re eligible for a Pell Grant, and how much you qualify for if you are eligible.
The following factors determine your eligibility for a Pell Grant:
- Financial standing: Pell Grants go to students who show strong financial need. When you complete the FAFSA, the U.S. Department of Education reviews your overall income (which may include your parents’) and assets.
- School’s participation: Your school must be one of the 6,000 institutions that participate in the federal Pell Grant program in order for you to receive any financial aid.
- Citizenship: Only U.S. citizens or eligible non-citizens will qualify for federal aid.
- Legal status: You can’t qualify if you’re subject to any legal action, have a history of arrests, or any convictions related to drug or sexual offenses.
- Academic progress: You must retain certain academic standards to keep Pell Grant eligibility.
- Special circ*mstances: If you lost a parent in the Iraq or Afghanistan wars, you’re eligible for a Pell Grant. Also, students with intellectual disabilities are eligible for Pell Grants.
In order to be eligible for a Pell Grant, you must be eligible for any type of federal aid.
Learn more: How to apply for FAFSA
When to apply for a Pell Grant
Your deadline for applying for a Pell Grant is the same as the FAFSA deadline. Typically, that’s June 30 for the preceding academic year. Here are recent and upcoming FAFSA deadlines:
How to retain your Pell Grant eligibility
To maintain your eligibility for Pell Grants and other federal aid, you’ll need to complete the FAFSA every year you’re in school. You’ll also need to:
- Continue to show financial need in the following school year
- Maintain satisfactory academic standing according to your school
- Maintain your citizenship status
- Avoid arrests or any legal troubles
- Stay in good standing on any federal loans you may have
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How your school calculates your pell grant
A number of factors go into deciding the award amount for Pell Grant recipients. The minimum amount that can be awarded is currently $650. The maximum is $6,895 for the 2022–23 award year (July 1, 2022, through June 30, 2023). Students attending school year-round — in fall, spring, and summer — can receive up to 150% of their scheduled award ($9,518).
Some factors that affect the amount of money you’re awarded include:
- Expected Family Contribution (EFC)
- Cost of attendance for your school or program
- Enrollment status (part-time or full-time)
- Plans to attend classes for a full or partial academic year
To estimate the amount that you could receive, use a Pell Grant calculator. The Federal Student Aid website’s Student Aid Estimator can help you understand how much Pell Grant you might qualify for.
Credible also has some calculators to help you with student loans. Check them out below:
- Student loan interest calculator: See how much a loan would cost you over the life of the loan
- Student loan refinancing calculator: See how much you could save when you refinance student loans with Credible
- Student loan repayment calculator: See how long it will take to pay off the total cost of your student loans
Learn more: EFC: How Your Expected Family Contribution Affects Financial Aid
Maximum Pell Grant amounts
The maximum Pell Grant award amount changes from year to year.
- 2022-2023 academic year: $6,895
- 2021-2022 academic year: $6,495
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Fill funding gaps with student loans
At less than $6,000 per year, Pell Grants aren’t likely to cover all your tuition, let alone all your college-related costs.
As part of your financial aid package, your school may include federal student loans. After exhausting your options for scholarships and grants, you should turn to federal student loans first if you find you have to borrow. Federal student loans are generally easy to get, don’t require a credit check or cosigner, have flexible repayment plans, and can give you access to student loan forgiveness.
After exhausting federal loan options, private student loans could be a good way to cover any leftover college costs.
Good to know: Private student loans offered by private lenders can have competitive interest rates with those on government PLUS loans for graduate studentsand parents.
Credible can help you save time shopping around by letting you compare offers from our partner lenders in the table below by filling out just one simple form.
4.84.8
Credible rating
Fixed (APR)
3.69% - 14.85%
Loan Amounts
$2,001 to $400,000
Min. Credit Score
Does not disclose
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on Credible’s website
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Overview
Ascent offers several unique borrowing options that you don’t typically see with private lenders. In addition to traditional student loans for undergraduate, graduate, and medical programs, college juniors and seniors may qualify for its Outcomes-Based Loan — which doesn’t require established credit or a cosigner. Instead, Ascent reviews alternate factors such as your school, major, and GPA to determine your eligibility.
Ascent also offers a wide range of loan terms and repayment plans to choose from. You may even qualify for its Progressive Repayment plan, which allows you to start with small payments that gradually increase over time. Borrowers who use a cosigner can release them after as few as 12 payments, though international students don’t qualify for this option.
Interest rates
Fixed or variable
Minimum credit score
Does not disclose
Minimum income
Does not disclose
Loan terms
5, 7, 10, 12, 15, or 20 years
Loan amounts
$2,001 minimum up to your school’s annual cost of attendance; lifetime limits of $200,000 for undergrads and $400,000 for graduates
Cosigner release
12 months
Eligibility
Must be a U.S. citizen or DACA student enrolled at least half time at an eligible institution. International students with a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
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4.84.8
Credible rating
Fixed (APR)
3.99% - 15.59%
Loan Amounts
$1,000 to $350,000 (depending on degree)
Min. Credit Score
720
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on Credible’s website
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Overview
Citizens offers a variety of student loan types, including loans for undergraduates, graduate students, and parents. Perhaps the most unique feature of Citizens student loans is the option for multiyear approval. If you qualify, you can apply once and borrow for future years with a more streamlined process that only involves a soft credit inquiry.
Student borrowers can defer monthly payments while in school and for six months after graduating. You can also score a 0.25 percentage point reduction on your interest rate for setting up autopay, as well as an additional 0.25 percentage point loyalty discount if you or your cosigner already have a qualifying account with Citizens.
Interest rates
Fixed or variable
Minimum credit score
Does not disclose
Minimum income
Does not disclose
Loan terms
5, 10, or 15 years for student loans; 5 or 10 years for parent loans
Loan amounts
$1,000 minimum, up to a maximum of $225,000 for undergraduate and graduate degrees; $300,000 for MBA and law; and $225,000 or $400,000 for health care student loans, depending on the degree type
Cosigner release
36 months
Eligibility
Must be a U.S. citizen or permanent resident enrolled at least half-time in a degree-granting program at an eligible institution. International students can apply with a cosigner who’s a U.S. citizen or permanent resident.
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4.94.9
Credible rating
Fixed (APR)
3.69% - 17.99%
Loan Amounts
$1,000 up to 100% of the school-certified cost of attendance
Min. Credit Score
Does not disclose
Check Rates
on Credible’s website
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Overview
College Ave offers a wide range of in-school loans for nearly every type of degree. There are a number of loan repayment options, and borrowers can choose a unique eight-year repayment term. Plus, graduate, dental, and medical students receive extended grace periods.
You may get easy funding for multiple years — 90% of undergraduates are approved for additional student loans when they apply with a cosigner. However, it can be difficult to remove a cosigner for your loan later on, as you must complete at least half of your repayment term before becoming eligible. That’s significantly longer than some lenders, which may only require one to two years of payments before releasing a cosigner.
Interest rates
Fixed or variable
Minimum credit score
Does not disclose
Minimum income
Does not disclose
Loan terms
5, 8, 10, or 15 years for most borrowers (law, dental, medical, and other health profession students have up to 20 years)
Loan amounts
$1,000 minimum up to your school’s annual cost of attendance; lifetime limits depend on your degree and credit profile
Cosigner release
Available after more than half of the scheduled repayment period has elapsed and other requirements are met
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. International students with a Social Security number and a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
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4.44.4
Credible rating
Fixed (APR)
4.24% - 14.02%
Loan Amounts
$1,000 to $99,999 annually $180,000 aggregate limit)
Min. Credit Score
Does not disclose
Check Rates
on Credible’s website
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Overview
Powered by Cognition Financial, Custom Choice offers student loans for undergraduate and graduate students starting at $1,000. You can borrow up to $99,999 per year with a total aggregate limit of $180,000.
If you apply with a cosigner, you may be able to release them from your loan after 36 on-time payments. You can also receive a 0.25 percentage point discount on your interest rate by setting up autopay, as well as a 2% reduction of your principal balance after graduating.
Custom Choice doesn’t charge application, origination, prepayment, or late fees. It also lets you pause payments through forbearance if you qualify for its natural disaster or unemployment protection programs.
Interest rates
Fixed or variable
Minimum credit score
Does not disclose
Minimum income
Does not disclose
Loan terms
7, 10, or 15 years
Loan amounts
$1,000 to $99,999 per year (lifetime limit of $180,000)
Cosigner release
36 months
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Must be a U.S. citizen or permanent resident at an eligible institution. You must also meet Custom Choice’s underwriting criteria for income and credit, or apply with a cosigner who does. Eligible noncitizens such as DACA residents can also qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
Read full review
4.64.6
Credible rating
Fixed (APR)
4.80% - 8.54%
Loan Amounts
$1,001 up to 100% of school certified cost of attendance
Min. Credit Score
670
Check Rates
on Credible’s website
View Details
Overview
INvested is an Indiana company that offers affordable student loans exclusively to state residents. Loans are available to Indiana students and parents who can meet income and credit requirements, or who have an eligible cosigner. Borrowers can borrow as little as $1,001 or as much as the school-certified cost of attendance minus other aid.
INvested provides detailed information on eligibility so borrowers can quickly determine whether to apply for a loan — however, there’s no option to prequalify with a soft credit check. Cosigner release is also available after just 12 on-time payments, considerably shorter than many other lenders.
Interest rates
Fixed or variable
Minimum credit score
670
Minimum income
Does not disclose
Loan terms
5, 10, or 15 years
Loan amounts
$1,001 minimum, up to the school certified cost of attendance
Cosigner release
12 months
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Loans are available to Indiana residents only. Borrowers must have a FICO score of 670 or higher, a 30% maximum debt-to-income ratio or minimum monthly income of $3,333, continuous employment over two years, and no major collections or defaults in recent years. Borrowers who do not meet income or credit requirements can apply with a cosigner.
Read full review
4.84.8
Credible rating
Fixed (APR)
5.75% - 8.95%
Loan Amounts
$1,500 up to school’s certified cost of attendance less aid
Min. Credit Score
670
Check Rates
on Credible’s website
View Details
Overview
Massachusetts Educational Financing Authority (MEFA) is a not-for-profit lender that offers low-cost undergraduate and graduate school loans to students nationwide. While only fixed-rate loans are available, interest costs may be lower than what you see with other private loans.
While you can apply with a cosigner to lock in the best rate possible, removing that cosigner later may be tough. Only one repayment plan allows cosigner release, and you must make four years of consecutive on-time payments and meet other credit and income requirements to qualify.
Interest rates
Fixed
Minimum credit score
670
Minimum income
Does not disclose
Loan terms
10 or 15 years
Loan amounts
$1,500 minimum up to school-certified cost of attendance
Cosigner release
48 months
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Must be a U.S. citizen or permanent resident, enrolled at least half time at a degree-granting, nonprofit institution, and must maintain satisfactory academic progress. Must have no history of default on an education loan and no history of bankruptcy or foreclosure in the past 60 months. Applicants who can’t meet the minimum credit and income requirements may apply with a cosigner.
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4.34.3
Credible rating
Fixed (APR)
3.69% - 15.49%
Loan Amounts
$1,000 up to 100% of school-certified cost of attendance
Min. Credit Score
Does not disclose
Check Rates
on Credible’s website
View Details
Overview
Sallie Mae offers the Smart Option Student Loan for undergraduate students and a suite of loans for graduate students. You can borrow up to your school-certified cost of attendance and apply just once annually to get the funds you need for the entire academic year. Plus, applying for a Smart Option Student Loan with a cosigner may help you get a better rate.
Through Sallie Mae, you can find a variety of loans designed for specific needs, including loans for MBA programs, law school, medical school, and health profession programs.
Interest rates
Fixed or variable
Minimum credit score
Does not disclose
Minimum income
Does not disclose
Loan terms
10 to 15 years for the Smart Option Student Loan; 15 years for law school, MBA, and graduate school loans; 20 years for medical school loans
Loan amounts
$1,000 up to school-certified cost of attendance. Student must be listed as the borrower, and a parent may cosign.
Cosigner release
After you graduate, make 12 one-time principal and interest payments, and meet certain credit requirements
Eligibility
Must be a U.S. citizen or permanent resident enrolled in an eligible program. Noncitizens residing and attending school in the U.S. may qualify by applying with a creditworthy cosigner, who must be a U.S. citizen or permanent resident, and providing an unexpired government-issued photo ID.
Read full review
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