Pell Grants: How Much Money for College Can I Get With a Pell Grant?

Pell grants are available to students with financial need to pay for their educational expenses. This type of Federal grant awards money that never has to be repaid by the student; provided they meet all requirements. By filling out a FAFSA or Free Application for Federal Student Aid, a student will be able to determine their eligibility for all types of Federal educational funding programs, including Federal scholarships, Federal work study, loans and the Federal Pell grant.
A student’s particular financial situation will determine how much money they get as part of this program, so a little research before filling out the FAFSA will allow students to determine about how much money they could get.

The maximum amount of the Pell grant award has changed in the last decade, including a $1000 increase in one five year period alone. For the 2011 school year, the maximum award available under this program is $5500. However, this amount is set to change in coming years as the new formula to determine the maximum amount available under the Pell grant program takes into consideration fluctuations in the consumer price index. Generally, if the consumer price index goes up, more money will be available in this particular type of grant; but if the consumer price index goes down, less money will be available for students during that academic year.

The total amount the student will be able to get in Pell grant money is determined by the EFC or Expected Family Contribution. This is a calculation that takes into consideration information that you provide on the FAFSA, including financial and asset information related to you and financial information, income information, taxes and asset information for the students’ parents if the student is dependent. In general, most students who are awarded this Federal grant come from families that make average incomes of less than $20,000 per year. The less income your family has, the more likely it is that you will get the maximum award amount.

Students applying for the Federal Pell grant via the FAFSA must be enrolled at least half-time and must not have previously earned a bachelor’s degree. There are other terms and conditions that might apply, so it’s important to check with financial aid representative at your school prior to filling out the FAFSA.

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