PELL GRANT AMOUNT
A Pell Grant award is no doubt one of the biggest financial aids sponsored by the United States Department of Education but a student should not make the mistake of completely depending on it. It is considered to be a foundation of federal financial aid supplemented by other federal and non-federal sources.
The maximum Pell Grant amount for the academic year July 1, 2008 to June 30, 2009 is $4,731. A year ago the maximum award number was $4,310, showing that there is an increase by at least $200. However, the maximum award numbers can change either way and have a lot to do with program funding.
The Pell Grant amount can range anywhere from $400 to $5000. This amount depends on the student s Expected Family Contribution (EFC) which is deducted based on the information provided in the FAFSA form. The amount each student gets will be determined based on his financial needs, likely school expenses, the enrollment status (number of hours per week) as well as duration of the course. There is no restriction on the number of years a student receives Pell Grant award. However, she/he will have to sustain a good school record and complete the stipulated number of hours. Also, unlike a loan, a Federal Pell Grant amount does not have to be repaid.
The average amount of a Pell Grant is likely to cover almost 50% of the school fees which is a substantial bit. However, if a student receives the maximum amount then about 75% of his school fees can be covered during four-year college tenure. But with rising educational costs, a lot of University authorities have asked for a raise in the Federal Pell Grant amount so that students need not spend their time or energy worrying about school fees and concentrate on their grades. However, care needs to be taken to avoid these funds from being misused by irresponsible students who do not complete their mandatory hours at school and quit school without a sincere attempt.
Tags: federal, How do I know if I am going to receive a Pell Grant award
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