Once you’ve figured out your eligibility for your Pell Grant, the next thing that you are going to want to know is pell grant amounts. This is something you can figure out before applying, but you’re not going to know for certain until you get a response about your FAFSA. There are things that you are going to find will affect the amount that you are going to get. Here is some information about the pell grant amounts and what determines them.
The formula that the department for financial aid is going to use for determining your Pell Grant amount is going to depend on a few things. These are things such as your attendance cost, your enrolment status, whether you are going the whole year, and your EFC. Those students that have an EFC value that is lower and have higher attendance costs are going to have higher amounts for their award. The pell grant amounts that you are going to qualify for are going to be prorated if you’re attending part time than if you are going full time. Schools are now required to distribute the amounts that students qualify for and are not allowed to lower the amount of a student’s award because they are low on funds.
The amounts for this past 2010-11 school year are as follows:
- Full Time : $5,550
- Three Quarter Tim: $4,163
- Half Time : $2,775
- Quarter Time : $1,389
- Full Time: $1,176
- Three Quarter: $1,004
- Half Time: $831
- Quarter Time $659
These are the pell grant amounts that are set for an academic year, even though it’s possible to get more than one of these Pell grants if it’s determined that you are taking above and beyond a coursework year.
You should remember that most of the students aren’t receiving full amount. The average is about $3,770. The best chance you will have to get a good amount for the Pell grant is to have an EFC that’s lower.
Pell grants are something that a lot of people qualify for each year and they are something that helps to make the college dream come true for those who might not be able to go otherwise. Pell grant amounts are going to vary from person to person and depend a lot on different circumstances. There really is no true answer as to what a person is going to get. A person who is going to school full time is going to get more than someone who is looking for part time pell grant amounts for summer.