See more Pell Grant eligibility information. The U. Aid is awarded on a first-come, first-served basis. Your financial aid offers will outline how much the school will cost and what kind of financial aid package you'll receive for one year. Your school can apply Pell Grant funds to school costs; pay you directly, usually by check; or a combination of both.
The school also has to disburse Pell Grant funds once a semester or twice during the academic year. Usually, the college first applies the grant or loan money toward a student's tuition, fees, and room and board, if the student lives on campus.
Grant amounts are dependent on: the student's expected family contribution EFC see below ; the cost of attendance as determined by the institution ; the student's enrollment status full-time or part-time ; and whether the student attends for a full academic year or less. Financial need is determined by the U. The fundamental elements in this standard formula are the student's income and assets if the student is independent , the parents' income and assets if the student is dependent , the family's household size, and the number of family members excluding parents attending postsecondary institutions.
The EFC is the sum of: 1 a percentage of net income remaining income after subtracting allowances for basic living expenses and taxes and 2 a percentage of net assets assets remaining after subtracting an asset protection allowance.
Different assessment rates and allowances are used for dependent students, independent students without dependents, and independent students with dependents. Federal Pell Grants are direct grants awarded through participating institutions to students with financial need who have not received their first bachelor's degree or who are enrolled in certain postbaccalaureate programs that lead to teacher certification or licensure.
Participating institutions either credit the Federal Pell Grant funds to the student's school account, pay the student directly usually by check or combine these methods.
Students must be paid at least once per term semester, trimester, or quarter ; schools that do not use formally defined terms must pay the student at least twice per academic year. Search for:. Always accept any grants and scholarships first before taking on federal loans. Knowing how much aid you qualify for can help you decide where to attend college.
You may also want to talk with the financial aid counselor at your intended school to help you estimate Pell amounts, as well as other aid you may qualify for. The funds from a Pell Grant generally are disbursed directly toward tuition, fees and, if applicable, room and board. Leftover money typically is paid directly to you. You can receive Pell Grants for only 12 semesters, or six years. Contact your college to find out how you'll get your Pell Grant aid. To keep your Pell Grant, you must meet a few conditions.
You could lose all or part of your grant if your enrollment status changes — say, if you switch to part time from full time. Your school will notify you if you must repay part of the grant.
About the federal Pell Grant. How much is a Pell Grant? Pell Grant eligibility.
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