Federal Pell Grant

Pell Federal Grants serve as the backbone for one of the three forms of student aid programs offered to college students, federal grants. In addition to federal grants, a student may also avail of federal student loans and federal work-study options. The main advantage of federal grants such as Pell Federal Grants over other types of financial aid programs is that they do not have to be repaid. The Pell Grant program was originally known as the Basic Educational Opportunity Grant program and it was named after U.S. Senator Claiborne Pell.

The Different Pell Federal Grant Levels

Pell Federal Grants actually have a few different levels, with the coverage of a student in each level dependent on his or her financial need. Among the factors to be considered in placing a student in a specific level is the financial capability of his or her family. This in turn is determined by calculating the EFC or the “expected family contribution”.

Among the factors that go into the calculation of the EFC are the total income of the entire family, any assets under the family’s ownership, the size of the family, and the number of family members that are planning to go to college or some sort of career program. The basis for this calculation will be the information that the applicant provides in his or her FAFSA or “Free Application for Federal Student Aid” form.

In addition to the EFC, factors such as the cost of enrollment and whether the student in question will be attending school full time or part time will also be considered when a student applies for Pell Federal Grants. The money that comes with the grant will be given to the student at the start of each term, either by check or by deposit into the school account of the student.

The actual amount awarded with the Pell Federal Grants tends to vary every year, although money in the range of $2000 to $4000 is typically awarded. There may be exceptions to this rule however, as in one case in 2008, when the sum awarded totaled approximately $4,700. In 2009, the maximum Pell Grant award for the 2009-2010 award year was $5,350.

Applying For Pell Federal Grants

The application for Pell Federal Grants is fairly simple, and in most cases, students that are approved for a federal student program because of financial need will automatically be eligible for Pell Federal Grants.

In order to apply for a federal financial aid program, the FAFSA form mentioned previously will have to be completed. You can get this form from any financial aid office near you. Alternately, you may also download a printable version of the form from the website of the Department of Education.

After your FAFSA form has been processed, you will be given a SAR or Student Aid Report, which will tell you whether or not you have been approved for the federal financial aid program, and if so, how much money you could expect to receive.

Keep in mind that even after you have been approved for Pell Federal Grants, you will still be able to apply for federal student loans that will help you deal with the everyday costs of school. Students may not receive Pell Grant money from more than one school at a time.