The Pell Grant Amounts You Must Be Aware Of
The Pell Grant as a financial aid instrument is constantly evolving, and because of this you must understand that the actual amount of aid you are able to receive will most likely not be the same two years in a row. Read below to find out explicitly how this is going to affect you for 2010-11.
The maximum award amount of the actual Pell Grant itself annually increases, incorporating price inflations during the year. For instance, the Pell award increased to $5,350 for the 09-10 academic year defined by the grant. The 10-11 academic year will see a maximum award amount possible of $5,500 per the stimulus package President Obama signed in 09. The maximum award amount is based on an EFC of 0, which demonstrates that you are not financially able to pay for your education costs, per the government guidelines.
When discussing maximum Pell award amounts, you also have to consider a few factors that greatly affect your maximum award amount individually. For instance, your amount awarded depends on:
Months during academic year in attendance
Student enrollment status, full or part time
Actual costs of attending determined by school (cost of attendance or coa)
If you have a higher EFC score, you will see a smaller Pell Grant award as your income shows that you arent as in great of a need for the funding as a student with an EFC of zero would be. Once your EFC reaches 4,617 you will be disqualified from receiving any Pell Grant aid, as this is the maximum cutoff threshold for the 2010 school year.
Getting the maximum award amount means that you are financially needy for the funding and must have financial aid to afford your education. The Pell Grant can be a great way to get all of your school supplies and even campus housing as well, so get to work and fill out your FAFSA.
Source: Free Articles from ArticlesFactory.com
ABOUT THE AUTHOR
The author makes it his business to write about financial aid topics, and covers such questions such as what is a Pell Grant, and how to apply for the Pell Grant.