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 Step 1 
Step 2
Step 3
Step 4
Scholarship Search
FAFSA Transfer
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| Four Steps to Financial Aid |
<<< STEP 1: WHAT IS FINANCIAL AID?
Federal Pell GrantsWhat is a Federal Pell Grant?A Federal Pell Grant, unlike a loan, doesn't have to be repaid. Pell Grants are awarded only to undergraduate students who have not earned a bachelor's or professional degree. A professional degree would include a degree in a field such as pharmacy or dentistry, but only if a prior undergraduate degree was not earned. In some cases, you might receive a Pell Grant for attending a postbaccalaureate teacher certificate program. For many students, Pell Grants provide a foundation of financial aid to which other aid may be added. 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. The formula produces an Expected Family Contribution (EFC) number. Your Student Aid Report (SAR) contains this number and will tell you if you're eligible. You'll receive your SAR at your home address about 4-6 weeks after mailing your FAFSA to the federal processor, or 2-3 weeks after filing it electronically. How much money can I get? Awards for the 2003-2004 award year (July 1, 2003 to June 30, 2004) ranged from $400 to $4,050. You can receive only one Pell Grant in an award year. How much you get depends not only on your EFC but on your cost of attendance, whether you're a full-time 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 can't refuse you an award simply because you're enrolled less than half time. [ top ]
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