If you are looking for free money for college, it is hard to beat a federal Pell Grant. All students who are interested in free grants for college should submit a FAFSA, which serves as the free grant application. Awards are made students based upon financial need. You will be notified of your Pell Grant award, if any, as part of your financial aid package.
For 2022 - 2023, the federal Pell Grant maximum award is $6895. Students are limited to only 12 semesters, and some awards will be less than prior years. There are no awards for summer school.
Many recipients are also eligible for low-interest student loans known as Perkins Student Loans, and some scholarships such as Bill Gates Scholarships for Minorities.
Recipients are also eligible for other grants for college students that may be awarded based upon their FAFSA financial need, and outside scholarships making college much more affordable. Scholarships and Grants
Due to the COVID-19 pandemic, interest rates on federal student loans is temporarily reduced to 0% from March 13 2020 to December 31, 2022. You may choose to temporarily stop making these monthly payments if you wish. In August 2022, President Biden announced new loan repayment plans that will limit the existing student loan payments based upon income. Some federal loan amounts may be forgiven based upon income level ($10,000 loans per student or $20,000 loans for Pell Grant recipients). This relief is held up in the courts so it is unknown if or when it will happen.