Student loan forgiveness | Pell Grants
Federal Pell Grants
Federal Pell Grants are grants designated for those undergraduates and some graduates in financial need. Once you qualify for them they never have to be repaid. This is the most widely available grant program.
How much can I get?
It can change every year because it depends how much Federal funds are made available to the program. The maximum for the 2009-2010 year is $5,550.
I’m only to school part time can I still get a Pell Grant?
Yes. Pell Grants are one of the few grants for full or part-time students.
How do I qualify for a Pell Grant?
- Be a U.S. Citizen, U.S. National or other eligible non-citizen
- Complete a FAFSA form – Click here to get the practice form. Once completed click here to use the FAFSA on the Web form.
- Family earns from $0 – $50,000 per year. (most grants are given to families under $20,000)
- A low EFC # – The EFC (Expected Family Contribution) # is the tool used to see how much of the Pell Grant you qualify for. It is actually a fairly complex formula but the lower your EFC the more you qualify for. Click here to see what your EFC # is.
- High COA – The Cost of Attendance (COA) is the amount your school charges to attend. The greater the Cost of Attendance, the closer you are to getting the maximum amount for a Pell Grant.
- Student Status – You get more grant money the more you are in school. Full-time students are eligible to receive the largest grant amounts, with three-quarter, half-time, and less than half-time students receiving less.
Here is the breakdown for the 2009-2010 year.
- $5550 – Full Time
- $4163 – ¾ time
- $2775 – ½ time
- $1388 – Less than ½ time
Is there a maximum amount I can get over the years?
No. Unlike many other loan or grant programs there is no limit to the maximum amount you may cumulatively receive. As long as a student is pursuing their first Bachelors degree and is otherwise eligible, they can receive Pell Grant funds.
To learn more click here or contact your financial aid representative.