Before 2008 there wasn’t the chance for a year round pell grant for students. It was authorized thanks to the Higher Education Act of 2008, but some of the institutions implemented it during the year of 2009-2010, even though the final regulations for it weren’t published until October of 2009 with a July 1st, 2010 effective date. The year round pell grant allows students to get two awards through the Pell grant if they meet certain criteria.
The purpose of this grant is to limit the eligibility of students for a total of 18 semesters that get their Pell Grant on or after July 1st, 2008. The students are able to track the eligibility they have remaining for the Pell Grant through their Student Aid Report or on NSLDS.
- The equivalent of department is 900% of the lifetime eligibility for the Pell grant or nine scheduled awards.
- Students that are enrolled of a status that isn’t full time are going to be assessed at the enrollment status that is fractioned.
This term is something that a student will hear about during the summer term and it’s going to refer to any of the payment periods that is going to overlap June 30th/July 1st.
Pell Transfers for Year Round
For the students who are transferring from one college to another college, the new one is going to have to take into account the student’s Pell Grant that they received at the other college. This can be done one of two ways.
- Assumption Method – With this method, the college is going to assume that the student completed any hours that they attempted if that student received all of their first reward at the other college. If it’s less than the student’s first scheduled award, colleges have to utilize a certain formation to calculate any hours that they consider the student completed.
- Earned Hours Method – Using this method, the college gets together the real information from the other college so that they are able to calculate a student’s eligibility. This is something that’s the college’s choice. If you are interested in knowing how the college that you are going to will handle your year round pell grant transfer, you should get in contact with the office for financial aid.
This is some of the information that you should know about year round pell grants. It can be confusing, so if you have any questions or concerns, get in contact with your college.