What Factors Are Considered to Determine a Pell Grant Award?
The U.S. Department of Education administers the federal Pell grant program to provide funding to students who need financial aid to complete their undergraduate studies. The maximum award per student for the 2011-2012 year is $5,550. The amount of the Pell grant award is determined by a student`s financial need, educational costs, length of study and enrollment status.
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FAFSA
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The U.S. Department of Education oversees the Free Application for Federal Student Aid (FAFSA) program to provide students with financial assistance to complete undergraduate or vocational studies. Students must apply to FAFSA to qualify for Pell grant award funding. The Higher Education Act of 1965 mandates the formula be used to calculate the amount of federal funding an applicant is able to receive from FAFSA to pursue studies at eligible academic institutions.
Expected Family Contribution
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Another factor used to determine the amount of Pell grant award an applicant receives is her expected family contribution (EFC). The EFC is based on the financial information an applicant provides in her FAFSA application and is calculated by factoring in the income of an applicant's parent or guardian, educational allowances, the applicant's income and her expected parental contributions.
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Attendance Costs
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The cost of attendance is another factor that influences an applicant's Pell grant award amount. Cost of attendance includes tuition and fees, room and board, books, allowance and disability stipend, if applicable. The college or university financial aid administrator of the academic institution the student plans to attend is responsible for calculating this amount. Financial aid administrators calculate a student's financial need by subtracting a student's EFC, federal Pell grant eligibility and other aid sources from the cost of attendance.
Enrollment Status
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The amount of Pell grant award is also determined by enrollment status. An applicant who attends college or university full time may receive more funding than a student pursuing part-time studies. In addition, the length of time that a student plans to attend studies for impacts the amount of Pell grant Award. Students can apply for a Pell grant award only once during each academic year.
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