The Recovery Act invested millions in new projects that are improving our infrastructue, repairing homes, and much more. But it also provided millions in direct benefits for families, students, businesses, investors, and more including more than $288 million in various forms of tax relief. Guidance on how to access each of those benefits is below.
Recovery Act Provisions:
- $500 increase in maximum benefit
- $15 billion in increased funding nationwide
- Estimated $186.6 million for students in Texas for the 2009-2010 school year
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Pell Grants are financial aid awards given to low income students pursuing a course of higher education. This federal program provides direct aid to students who qualify. Eligibility is determined by a student's income and assets as well as parental income and assets if the applicant is a dependent. The Pell Grant program encompasses more than 5,400 institutions of higher education nationwide.
To apply for Pell Grants and other forms of financial assistance:
1) Gather the following materials:
- Last employer's business name and address
- First and last dates (month, day and year) you worked for your last employer
- Number of hours worked and pay rate if you worked this week (including Sunday)
- Information related to your normal wage
- Alien Registration Number (if not a U.S. citizen or national)
2) Register and apply online using the Free Application for Federal Student Aid (FAFSA)
The FAFSA, located at www.fafsa.ed.gov, is the common application used to apply for federal grants and loans. Students must fill out a new FAFSA in the spring before each school year. Using the documents listed above, applicants fill out the electronic forms online, with the ability to complete the entire application in more than one sitting. A FAFSA must be signed before it can be submitted. The easiest way to do this is to provide an electronic signature by applying for a pin at this site and using that pin to "sign" the FAFSA when completed.
3) Review you Student Aid Report (SAR) and access your benefits
Applicants will receive a SAR after their FAFSA has been processed and their eligibility for awards determined. SARs provide information on loans, grants, and other forms of assistance, as well as instructions on how to access Pell Grants. Funds can go to a student’s school or by check directly to the student. The maximum amount for the 2010-2011 school year is $5,550, with each student’s amount being determined both by need and the cost of attending a particular school.
