Is a FAFSA a Pell Grant?
While the Free Application for Federal Student Aid, or FAFSA, is not the same thing as a federal Pell Grant, one is necessary for the other. Financial information provided on the FAFSA determines eligibility for the need-based Pell Grant. FAFSA completion and submission is also required for other need-based state and institutional education grants.
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Federal Pell Grants
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Formerly known as the Basic Educational Opportunity Grant, the awards were re-named in honor of the late Rhode Island Senator and education advocate Claiborne Pell. The Pell Grant is a cornerstone of the federal financial aid program, and unlike federal student loans do not require repayment. Students may receive Pell Grants to attend only one school at a time.
FAFSA
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Based on the income and assets of a student's family or those of an independent student, the FAFSA determines a student's Expected Family Contribution. The EFC number is used to determine eligibility for a Pell Grant. Students receive a Student Aid Report which lists information provided on the FAFSA and the EFC. Student should make sure all information in the SAR is correct. If not, report any changes or additional information. The EFC number is sent to all schools listed on the FAFSA by the applicant. Those schools use this information to determine any financial aid the student may receive. Financial need is determined by the difference between the school's tuition and room and board, if applicable, and the EFC. Any special circumstances, such as significant income changes from one year to the next or large medical bills should be reported to the school's office of financial aid.
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Eligibility
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Students meeting income limitations and already enrolled or accepted at a college or university may be eligible for a Pell Grant. With the exception of those students enrolled in the federal Teacher Education Assistance for College and Higher Education grant program, Pell Grant recipients cannot have received a bachelor's degree. Students must meet satisfactory academic progress as defined by their particular school to continue receiving Pell Grant funding.
Award Amounts
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For the 2011 to 2012 academic year, the maximum Pell Grant award is $5,550. Awards amounts depend not only the student's financial need and the family EFC but tuition costs at the particular school, full-or part-time enrollment status and whether the student attends for a complete academic year.
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