Posts Tagged ‘Federal Pell Grant’
Federal Pell Grant
The Federal Pell Grant is for those who are seeking a postsecondary education and is based on several factors which include income, expected family contribution, if the student is enrolled full time or part time, how much tuition is at the school of attendance, and how long the student is going to be attending the institution. A Pell Grant is only available with one school at a time for the student.
How much the student receives is calculated by the Department of Education with a formula that was set forth by Congress. The student who is requesting a Federal Pell Grant has to fill out a FAFSA, Free Application for Federal Student Aid. The information put on this form is the students income, if they are a dependant of their parents then it will be their parents income, either the students or the parents assets, how many people are in the family, and how many people in the family are attending a postsecondary institution but you cannot include the parents in this section
The expected family contribution is calculated by using a percentage of the income and assets. There are different rates set forth for those who are independent, dependent, and independent with or without dependents. After the FAFSA is filled out then the Department of Education either sends the student a Student Aid Report or the institution an Institutional Student Information Record which will contain the expected family contribution amount and whether or not the student will be able to receive the Pell Grant.
The Pell Grant is only for those students who do not have their bacculearate degree or who are going to a post bacculaureate program that is for a teaching degree or license.
There are a few things the schools can do with the Pell Grant once it is received. One way is to automatically credit the amount to the students school account and if there is anything left over they can give a check to the student. They can also decide to write a check for the full amount to the student, which then puts the responsibility on the student to make sure their tuition is paid in full. The student must receive their money per term one time. If the school doesn’t have a set way of using the Pell Grant they have to pay the students two times each term. The school is responsible for telling the student in written form how much aid they received and when the will get it.
The Federal Pell Grant does not have to be repaid to the government. This is free money the student can use towards his or her education. The maximum amount of the Pell Grant for the 2008 to 2009 school year is $4, 731. This does not mean you will get the full amount available . The amount you receive depends on the information you provide on the FASFA.