Pell Power

July 2nd, 2010 by Ken 2 Comments »

The Pell Grant program has assisted millions of students pay for college tuition since 1965. It is awarded by filing the free application for federal student aid (FAFSA) and having an estimated family contribution(EFC) falling within eligibility guidelines. Because it is a need based grant a lower EFC equates to greater Pell grant eligibility. The 2009-2010 maximum yearly award for a full time student was $5,350.

There has always been a maximum amount of Pell that could be awarded per year based on government regulations. Typically, full time Pell eligible students would use all their Pell grant funding during the fall and spring semesters and be renewed for eligibility during the following academic year. If all Pell grant eligibility were used during the Fall and Spring semesters there would be no funding available for summer classes. This resulted in a “penalty” for ambitious high need students that took summer classes because they no longer had access to Pell for summer tuition. They would have to use cash or student loans to pay for summer classes that would otherwise be subsidized by grant funding if taken during the fall or spring. But there are new Pell regulations being put in place that may allow some students to access more funding.

The recent changes in Pell Grant regulations allow students to access more funding for summer registration. For example if you are able to complete 24 credits or more towards your degree during the fall and spring semesters, you may now qualify for an additional disbursement of Pell grant during the summer. Because of the enhanced Pell regulations, students now have an option to be rewarded for completing more classes in an academic year. This expansion of Pell could help full time students finish school in four years, instead of four and a half or five provided that they take the extra classes needed during the summer. You will need to confirm your eligibility with your schools financial aid office, but this can be a huge bonus for high need students that want to complete extra classes in the summer.

Tags: academic year, college tuition, disbursement, eligibility guidelines, eligible students, estimated family contribution, federal student aid, financial aid office, free application for federal student aid, free application for federal student aid fafsa, full time, government regulations, pell grant eligibility, pell grant program, spring semesters, student loans, summer registration, summer tuition, time student, time students

This entry was posted on Friday, July 2nd, 2010 at 2:11 pm and is filed under Student. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.