Using a Pell Grant calculator online can be one ways for a student to determine if he or she will qualify for a Pell Grant. In addition, a student can determine how much money he or she will receive from a Pell Grant with the use of a Pell Grant calculator.
Before heading straight to using a Pell Grant calculator, there are a few steps any student will need to take in order to prepare. The first step in preparation is to calculate one’s family EFC. A family EFC stands for “expected family contribution.” The providers of Pell Grants expect that a student’s family will be able to help contribute toward educational expenses. Various websites on the internet can be used to calculate the EFC.
Typically, filling out a calculator for EFC will require a person to have specific financial documents on hand. A student should have all financial statements, bank statements, and tax returns on hand before starting this step. After filling in all of the required fields on a website, a student should record the figure provided at the end of this process.
Second, a student will have to figure out the cost of college and all associated educational expenses. A student should know what the cost of tuition is for a particular school. In addition, many schools will offer an estimate of living expenses for the school year. A student should take this figure and add it to the cost of attendance. A student will want to add up the cost of attendance and living expenses for every year he or she attends college. Then, a student should write this figure down.
Third, a student should see how much money he or she can contribute to college expenses. A student should record all of the money stored in any savings accounts, stocks, and trust funds. In addition, a student should record any money he or she saves on a monthly basis for college from employment. Lastly, a student should record the savings that will be contributed upon enrollment in college. After completing these steps, a student can use a Pell Grant calculator to determine how much money he or she will receive for college.