Pell Grant

Like all grants, it is free money. It is not a loan so it does not need to be repaid.

• A Pell Grant is need based funding from the Federal Government.

• You must first file the FAFSA to determine your eligibility.

• Pell Grants are only awarded to undergraduate students who have not already earned a bachelor’s degree.

• You are not eligible for Pell if pursuing a second bachelor’s degree. However, in some cases a student enrolled in a post-baccalaureate teacher certification program might receive a Pell Grant.

• Pell Grants are considered a foundation of federal financial aid, to which aid from other federal and nonfederal sources might be added, such as Federal Supplemental Educational Opportunity Grant (FSEOG), The Academic Competitiveness Grant (ACG), and The National Science & Mathematics Access to Retain Talent Grant (National SMART Grant).

• Your Pell Grant award amount will vary depending on all of the following criteria

Your estimated family contribution
Your costs to attend school
Your status as a full-time or part-time student
Your pattern of attendance during the academic year.

• For the upcoming award year (July 1, 2010 to June 30, 2011), the maximum Pell award is $5,550.

• If you received a Pell Grant for the first time on or after July 1, 2008, you can only receive the Pell Grant for up to 18 semesters or the equivalent.

• Your schools financial aid office will notify you about your Pell grant eligibility via the award letter. This notification will specifically list your total Pell amount along with the method of distribution.

Ken’s Tip – As you can see the Pell Grant program has a long list of rules and regulations. That’s because it is the most widely recognized federal grant in the nation. If you can qualify for a Pell grant you may qualify for a host of other Federal grants. That is because Pell is the cornerstone grant that the FSEOG, ACG and SMART grant eligibility is built from. As always grants are free money; they are not loans and do not need to be repaid.

The Government has again added new Pell regulations. More regulations mean more headaches for fellow administrators, but there is a big bonus for motivated students that want to finish a degree in four years or less. If you are Pell eligible and able to complete at least 24 credits during the fall and spring semesters and are looking to take additional classes during the summer you may qualify for additional Pell funding of up to $11,100 per year. You must contact your school’s financial aid office to see if you qualify for more Pell Grant eligibility based on your pattern of registration. Schools are still changing their procedures to handle this rule change. It’s best if you preemptively contact Financial Aid about this to confirm eligibility.

*** Note: If your parent or guardian died as a result of military service in Iraq or Afghanistan after Sept.11, 2001 then you may be eligible for the maximum Pell award of $5,550. Talk to your school’s financial aid office to confirm your eligibility.