When you are trying to figure out whether or not you will qualify for a Pell grant, one of the things that you can use is a pell grant calculator. Below are some steps that you can take when you are using a pell grant calculator or a pell grant estimator to figure out whether someone will get a Pell grant and how much they might be able to get.
The first thing that you want to do is to calculate the EFC, which stands for expected family contribution using a pell grant calculator. This can be done using different websites that are on the Internet and have to do with financial aid. You have to complete all of the required fields using financial statements, tax returns, and bank statements. It’s required that families contribute to the person’s college expenses as much as possible. The calculator is going to help determine what they can contribute. It should be recorded on paper.
The second thing that you have to do is to figure out the expenses and the cost at the college. This can be done through different websites that help people to figure out the expenses. This is done by entering the current costs for a year of school in colleges. You want to select a rate of inflation for colleges from the options available. If you don’t know the rate, choosing 3% is a good idea. Enter the length of attendance and how long til the person attends college. Write down this estimated figure.
The third thing that you have to figure out is the amount of costs you’ll cover from your savings. Try to figure out how much in savings you’ll have when it comes time for enrollment. Include the amount of the savings you have put away for college right now. Figure out what your annual rate you should earn on the savings plan. Then add the money which is being saved monthly for college. Put the total personal savings that will be there when enrolment happens. This is the number that can help determining an EFC that’s more precise.
Finally, use the pell grant calculator on the website College PayWay to figure out how much you are going to get with your grant. Enter the information that you wrote down into the pell grant eligibility calculator and you will find out how much you are able to get.