Can I receive a pell grant and a loan at the same time?

by wenderson
(fort wayne indiana)

I'm at college, and I was awarded a Pell grant, I want to know if I can have the Pell grant and the loan at the same time.

Answer:

Yes, you can have a Pell grant and a federal student loan at the same time, as long as the addition of the loan to your financial aid package, does not exceed your cost of attendance at your school.

Schools have a lot of leeway as to how they calculate your cost of attendance. If you have circumstances which affect whether or not you can go to school, and they are not documented in your FAFSA info, you can appeal for more aid. Most Pell grant students do take out federal loans as well, although if you are offered more aid than you think you need- you should turn down (or reduce the amount of) the loan.

Really consider whether or not you you want that loan now. You can get 9 years of Pell grants (if you need them) but federal loans have a lifetime maximum cap for an undergrad of $31,000. You might need that money more in a few years. If you take it now, you might not have it available when you need it most.