Types of Financial Aid - Federal Pell Grants

What is a Federal Pell Grant?
A Federal Pell Grant, unlike a loan, does not have to be repaid. Generally, Pell Grants are awarded only to undergraduate students who have not earned a bachelor's or professional degree. (A professional degree is usually earned after earning a bachelor's degree in a field such as medicine, law, or dentistry.) In some cases, you might receive a Pell Grant for attending a post-baccalaureate
teacher certificate program.

How do I qualify?
To determine if you're eligible financially, the U.S. Department of Education uses a standard formula, established by Congress, to evaluate the information you report when you apply (see "Financial Need"). The formula produces an EFC number. Your SAR contains this number, in the upper right portion of page 1. This number will determine if you are eligible for a Pell Grant and for how much.

How much money can I get?
Pell Grants for the 2002-2003 award year (July 1, 2002 to June 30, 2003) will depend on program funding. The maximum Pell Grant for the 2001-2002 award year was $3,750. You can receive only one Pell Grant in an award year. How much you get will depend not only on your EFC but also on your cost of attendance,* whether you're a fulltime or part-time student, and whether you attend school for a full academic year* or less. You may not receive Pell Grant funds from more than one school at a time.

How will I be paid?
Your school can credit the Pell Grant funds to your school account, pay you directly (usually by check), or combine these methods. The school must tell you in writing how and when you'll be paid and how much your Pell Grant will be. Schools must pay you at least once per term (semester, trimester, or quarter). Schools that do not use formally defined, traditional terms must pay you at least twice per academic year.*

Can I receive a Federal Pell Grant if I am enrolled less than half time?*
Yes, if you're otherwise eligible. You won't receive as much as if you were enrolled full time, but your school must disburse your Pell Grant funds in accordance with your enrollment status and cannot refuse you an award simply because you're enrolled less than half time.*


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