Will I Get a Pell Grant?
The Pell Grant is considered the foundation of federal student financial aid. It was created in 1972 as the Basic Educational Opportunity Grant by Senator Claiborne Pell and renamed after him in 1980. The purpose of the Pell Grant continues to be the support of low-income undergraduate students.
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Basic Eligibility
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There are two Pell-specific requirements for eligibility. First, the student must be enrolled in an undergraduate program or in an eligible post-baccalaureate. For the Pell Grant, this means the student must be enrolled in an undergraduate course of study and has not yet earned a bachelor's degree or its equivalent, or a first professional degree. Even if an undergraduate program exceeds four years, the student is only eligible for four years. Second, the student must not be incarcerated in a state or federal penal institution.
Applying
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As with all federal educational financial aid, the application for the Pell Grant is the Free Application for Federal Student Aid, or FAFSA. This is a thorough online application process that requests information about the student and the student's parents. Information about income taxes and income will determine eligibility for need-based grants like the Pell Grant. Each year, the FAFSA is available on January 1 for the school year beginning that fall.
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Amount of Award
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The amount of money a student can receive from the Pell Grant depends on actual need and whether they are attending college full time or part time. The maximum Pell Grant award for the 2010-11 school year was $5,550. Financial need is determined by a formula developed by the Department of Education and approved by Congress. Parents of dependent students are expected to make contributions to tuition based on their income. Unlike a student loan, a Pell Grant award does not have to ever be repaid.
Receiving Award
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A student receives his Pell Grant award directly from his educational institution. It is crucial that the student complete the school's financial aid applications to receive the award on time. If, based on the FAFSA, a student is awarded a Pell Grant, the money will be paid directly to the school who will then deduct the amount from the student's tuition costs. If there is excess financial aid money after the tuition, this is paid directly to the student.
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