When You Get a Pell Grant What Does "Awarded Amount" Mean?
Federal Pell Grants, formerly called the Basic Educational Opportunity Grant, have allowed millions of low-income students to attend institutions of higher learning. Unlike federal student loans, Pell Grants do not require repayment. Each year, students qualifying for Pell Grants learn the amount awarded to pay for tuition and fees. These amounts vary based on the costs at the post-secondary school, the student's financial need, full- or part-time enrollment or whether the student attends for an entire academic year.
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Federal Pell Grants
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Named for the late Rhode Island Senator and education proponent Claiborne Pell, federal Pell Grants are awarded to undergraduate students meeting income limitations, who have not yet earned a bachelor's degree. Students enrolled in the federal Teacher Education Assistance for College and Higher Education (TEACH) Grant must qualify for Pell Grants for TEACH Grant eligibility, and are an exception to the undergraduate-only rule.
Amounts Awarded
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In the 2011 to 2012 academic year, the maximum Pell Grant award is $5,550. That does not mean every student qualifying for a Pell Grant receives that much. However, any student who lost a parent or guardian serving in the armed forces in Afghanistan or Iraq is guaranteed the maximum amount. These students must be less than 24 years old and already enrolled in a post-secondary institution at the time of the parent or guardian's demise. Very low-income students receiving Pell Grants may qualify for additional funding ranging between $100 to $4,000 through the Federal Supplemental Educational Opportunity Grant.
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FAFSA
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To determine Pell Grant eligibility, students must fill out and submit the Free Application for Federal Student Aid, or FAFSA, listing their and their parents' income and assets. Even if students do not receive a Pell Grant, the FAFSA is required for many other grants, including those offered by public and private post-secondary institutions and other entities providing academic funding based on financial need. Make sure to meet all necessary deadlines when submitting the FAFSA, including the federal, state and that of the individual school.
Expected Family Contribution
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A key factor in Pell Grant eligibility, determined by information provided on the FAFSA, is the Expected Family Contribution for the student's higher education. Besides the income and assets, the EFC is based on the number of family members and the number of family members other than parents attending institutions of higher learning. The EFC determination results from a standard formula including a net income and net asset percentage. FAFSA applicants receive a Student Aid Report, notifying the student of Pell Grant eligibility and the EFC score.
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