Pell Grant Scholarships
Pell Grant scholarships are grants offered to undergraduate college students from low-income families. Applying for a Pell Grant scholarship as well as other government grants and loans for college is a streamlined process that must be completed annually, either online or by mail. Students who qualify for Pell Grant scholarships can receive tuition assistance for the accredited school of their choice.
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Definition
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A Pell Grant is a federal, need-based grant awarded to eligible undergraduate college students. Pell Grants are not loans and need not be repaid. Prospective recipients can apply for federal student aid beginning January 1 of each year.
Eligibility
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To be eligible for a Pell Grant, undergraduate students must evidence a significant unmet financial need for college. Most of the Pell Grant scholarship allocations go to students from families with annual income levels below $20,000, but students with families who earn up to $50,000 are eligible. The federal Department of Education evaluates the eligibility of each student based on a standard formula calculated from information on a federal student-aid application.
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Application
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To apply for the Pell Grant, undergraduate students must complete the Free Application for Federal Student Aid or FAFSA. Students can fill out the FAFSA application online to speed up the qualification process. This one application qualifies students for several federal grant programs. Students must complete the application process each year to ensure that they continue to meet the need-based requirements.
Amount
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The amount of individual Pell Grant scholarships awarded varies based on a student's need and on their college enrollment status. Full-time students who meet the need-based requirements will receive a larger Pell Grant than part-time students with the same financial need. The maximum amount awarded per student can change annually; for the scholarship award year 2010 to 2011, the maximum Pell Grant scholarship amount is $5,550.
Payment Process
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The federal government allocates the Pell Grant money to the school where the eligible student is enrolled. A Pell Grant award may be applied to a student's tuition account or paid to the student directly by the school. The school may also combine the two methods. For example, if a student receives $5,000 in a Pell Grant award, but also receives additional scholarship money to cover the tuition, the school can directly pay the student the excess amount of the Pell Grant that is not needed to cover the amount of tuition.
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