** This just in! The budget for the Pell Grant Award has been increased for the 2008 school year. The maximum amount of money a student can be awarded for the Federal Pell Grant will be $4,600 by 2008 and will continue to rise to $5,400 by 2012. ** A Federal Pell Grant is a grant mostly given to undergraduate students with a low EFC. The Pell grant, unlike other student financial aid, does not have to be repaid. It is considered a grant over a loan and is more like a gift from the federal government regarding your education. Students who have not yet earned a bachelor’s or graduate degree are the most likely to get the Pell Grant, however, a student receiving a post baccalaureate teacher certificate may receive Pell Grant money.
The maximum amount for a Pell Grant is $4050 but the average student may not even get that much. Cost of Attendance to the particular school is a factor, as is enrollment. Example, if you are a full-time student and are eligible for Pell Grant money, you will receive more than if you are only going to school part-time.
The school in which your are attending will give you, in writing, information on how much you are awarded and your method of disbursement. The school can apply the Pell monies directly to your costs or give you the money in check form. The school itself must disburse funds at least one time per term.
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