Pell Grant Amount
Welcome to PellGrantAmount.com where you can determine the amount of money you will receive from the Federal Pell Grant. The Pell Grant is a federal grant administered by the United States Department of Education. The Pell Grant is a need based federal grant that assists low income students afford college.
The Pell Grant amount is calculated based on a studentís EFC score, also known as Expected Family Contribution. The EFC score is a measure of a familyís financial strength and is calculated according to a formula established by law. Your family's taxed and untaxed income, assets, and benefits (such as unemployment or Social Security) are all considered in the formula. Also considered are your family size and the number of family members who will attend college or career school during the year.
Students must complete the FAFSA in order to become eligible to receive the Pell Grant. The Free Application for Federal Student Aid (FAFSA) information that you provide is used to calculate your Pell Grant amount based on the EFC score you receive. The EFC score is not the amount of money your family will have to pay for college nor is it the amount of federal student aid you will receive. It is a number used by your school to calculate your Pell Grant award amount and other federal financial aid.
The maximum amount for the 2008-2009 (July 1,2008 - June 30, 2009) award year is $4,731. In February 2009, President Barack Obama signed into law The American Recovery and Reinvestment Act of 2009, which caps the Pell Grant amount at $5,350 in the 2009-2010 school year. For the 2011-2012 school year, students are eligible to receive $5,550.
The Pell Grant amount is expected to increase through 2016, but federal budget cuts may alter the projected Pell Grant award amount. Below are Pell Grant award amounts based on no further federal student aid budget cuts.
2012-2013: $5,833 >> $5,550 due to recent federal budget cuts
As you can see from the table above, students will have the opportunity to receive a maximum Pell Grant amount of over $6,000 in future school years if no further federal budget or Pell Grant cuts take place.
The Pell Grant amount is based on financial need. Students interested in receiving the Pell Grant must complete and submit the FAFSA in order to be eligible. The National Post-Secondary Aid Study found that students from families making less than $41,000 accounted for 90% of Pell Grant recipients.
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