Fund Your College Education - Pell Grant Process Made Easy

The Federal Pell Grant Program addresses the concern growing among Americans that students are lagging behind their international peers in academic competitiveness when it comes to the sciences.

Eligibility: Undergraduate and vocational students who have enrolled or have been accepted for enrollment in participating schools can apply for this grant. They should not have received their first bachelor's degree. They should not have enrolled in post-baccalaureate programs that lead to teacher certification or license.

Amount Granted: Amounts depend on a student's expected family contribution, the cost of attending a particular institution, whether a student is enrolling for a part-time or full-time program and whether he or she attends for a full academic year or less. For the period 2008-09, the maximum Pell Grant award is $4,731. For the period 2009-10 (Jul. 1, 2009 to Jun. 30, 2010), the maximum is $5,350. This amount changes depending on funding. Other federal and nonfederal sources often provide financial aid to a Federal Pell Grant Program.

Details of the Program: Need-based grants are provided to low-income undergraduates and certain post-baccalaureate students so that they have access to post secondary education. There are approximately 5,400 participating post secondary institutions where a student can apply a grant for. Eligibility is determined by the U.S. Department of Education. The department uses a standard formula established by Congress using information reported on the Free Application for Federal Student Aid (FAFSA). The financial information for Pell grants filled in the FAFSA determines an expected family contribution (EFC).

The EFC is a standard formula to determine a student's income and assets, size of a family's household and how many members of a family attend post secondary institutions. After filing a FAFSA, the student would get his or her Student Aid Report (SAR). In some cases the institution receives an Institutional Student Information Record (ISIR), which then informs the student about eligibility for Federal Pell Grant. The institute also provides the student, the EFC. The participating institutions credit the funds to a student's school account or offer a check payment. Students are generally paid once, per term.

The federal government has recognized the need to enable this program. It is now left to students to make use of this source of funding for their educational needs. The Federal Pell Grant does not have to be repaid.

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