Can i get both Federal Pell Grant and Federal Student Loan at the same time? If i have been granted with Federal Pell grant, will not i be awarded with Federal Loan? Can i qualify for Federal Loan, i have availed the opportunity to get Federal Pell Grant?
There is not such a big different in Federal Loans and Pell Grants, as both of the awards are like scholarships and the money goes for the educational expenses only. It is not quite a difficult question, as the answer would be different at different times.
If a student qualifies for Federal Pell Grant, can also qualify for the federal loan at the same time. He qualifies for federal student loan including Subsidized Stafford, Perkins, or Unsubsidized Stafford. But only in a condition when he has unmet financial need. If the cost of attending college or school is more than the amount of Pell Grant, which the Financial Aid Office has awarded him, he is eligible to apply for federal student loan to manage the remaining cost of his educational expenses.
But it is all up to your school, who will decide whether you qualify for the federal student loan, while your have obtained a federal Pell Grant. But mostly the schools are not prepared to certify a federal loan on various grounds for a student who has already got a Pell Grant.
Few community colleges in United States of America are allowed by the state to refuse the student to participate in the federal loan funding or federal loan program, even they are accepting the Pell Grant Funding since long. These colleges have a policy for not allowing the students to take any advantage from federal student loan. Few Schools have also adopted these policies and they usually consider that the Pell Grant money can be jeopardize by several students, who are defaulting on federal loans.
Sometimes your school keeps in view your financial needs and financial income statement, according to which you are not able to pay Federal Pell Grant and Student Loan at the same time. In these circumstances, your school may refuse you for getting one more Federal Loan, because the school feels that it will be difficult for you to repay the student loan and pell grant at the same time.
After all your school can take the good decision on your behalf. If you have utilized your Pell grant on educational expenses and still get offers to receive a federal student loan, your school makes the decision to accept or reject the loan offer. If the school think that you doesn’t need a federal student loan but still need a Pell grant, it will give preference to increase the money of Pell Grant instead of getting one more student loan from Financial Student Aid Office.
But according to a latest 2013 policy of financial aid program, there is not option to apply for Pell Grant without applying for a federal loan. This is a very good and student friendly loan financing policy made by the U.S. government. The FAFSA has become more efficient and it does both automatically now. In previous years the student financing schemes were different, but the system has now completely been computerized, where you get the loans according to your scores and performances.