How to Figure the Amount of My Pell Grant

Calculate your Pell Grant award for each school you consider attending.

A Pell Grant, unlike college loans, does not require repayment. For the 2011 to 2012 school year, the maximum Pell Grant is $5,550. It is awarded only to undergraduate students with the exception of postbaccalaureate teacher certification programs, which sometimes qualify for a Pell Grant. Eligibility varies depending on the cost of attending each college, your financial need, whether you plan to attend college for the whole academic year and whether you will attend full-time or part-time.

Things You'll Need

• Last year's tax returns for you and your parents
• Student aid report
• Award letter

Instructions

1. Apply online for the Free Application for Federal Student Aid (FAFSA). It determines your eligibility for the Pell Grant.

2. Examine your student aid report (SAR) when it arrives. FAFSA generates the report and sends it to you. It indicates whether you qualify for the Pell Grant and gives your expected family contribution (EFC), the amount your family must contribute toward the cost of your education. The SAR may also provide an estimated award amount for the Pell Grant.

3. Contact the financial aid department of each of your prospective schools, and request an award letter. Only the individual schools can determine the official amount of Pell Grant aid you will be awarded for that school year. Each college uses government-provided, predefined formulas for calculating the final determination.

4. Subtract each school's Pell Grant aid amount from the cost of a year's education at that school. For comparison purposes, this shows your out-of-pocket college costs after the Pell Grant is applied.

5. Explore the official award letters from each prospective school. They represent the official record of all forms of financial aid for which you qualify -- not just the Pell Grant award. The award amounts vary widely from school to school. Each award letter states the amount of financial aid you have garnered at that school and how it will be paid. By comparing your prospective schools on an apples-to-apples basis, you will note the actual cost of attending each institution after final financial aid awards.

Tips & Warnings

• Using an online Pell Grant estimator, input your EFC, the cost of attending school for one year and whether you will be full- or part-time.

• Pell Grants estimates are just that -- an estimate. Even SAR estimates are not guaranteed funding.

References

• My Pell Grant; Pell Grant Calculator for 2012
• Federal Student Aid; The Current Top Eighteen Most Frequently Asked Questions; June 2011
• Pell Grant Elegibility; How Can I Determine My Pell Grant Status?; Michael Bennet

Resources

• College Board; What Is a Pell Grant?; Federal Program Offers a Source of Financing for Students
• Free Application for Federal Student Aid: Home