Families can get Pell Grants of up to $6,895 to help with college costs. Here’s what you need to know

Yet many other eligible students miss out on the grant because they don’t apply for it, said Betsy Mayotte, president of The Institute of Student Loan Advisors. The consequences of that loss can be severe, Mayotte said.

“It could mean not attending or completing college, or taking out more expensive private student loans,” she said.