Pell Grants are types of financial aid for students attending post-secondary institutions that do not have to be repaid. Generally, these grants are awarded to students who have not graduated from a bachelor’s degree program and are attending classes leading to an undergraduate degree. In some cases, you can get a Pell Grant if you are attending a teacher training program after you have achieved a bachelor’s degree.
In order to qualify for a grant of this nature, you must demonstrate financial need. The US Department of Education has a standard formula that it uses to assess all FAFSA applications. It determines a number for EFC based on the financial information you provide in the application and prepares a Student Assessment Report. When you receive this report, you will see a number in the right hand corner of the first page. This number will tell you if you qualify for a Pell Grant and how much funding you will receive.
The amount of money available for these grants varies from year to year. The maximum amount in the past was $4000, but this has risen in recent years. The amount you get depends on your score and the cost of attending the school of your choice. If you plan to apply to several schools, the student aid office will send the report to these schools, who will then send you a report detailing the costs and how much financial aid you qualify for. You can only receive one Pell Grant in an academic year and you cannot receive one from more than one school.
There are several ways the funds from Pell Grants are dispersed. Sometimes, the grant is paid directly to the school and in some cases you receive it directly. The funds may also be a combination of the two. The school will inform you in writing of how the funds are dispersed and the dates on which they are released. They are paid once per semester and schools that don’t have regular semesters must pay out the funds twice a year.
You can still receive a Pell Grant if you are enrolled part time in a college, but you will only receive a portion of the funding. The funds are dispersed in accordance with your enrolment and being enrolled for less than half of a course load does not disqualify you from receiving a grant.