Federal Pell GrantFederal Pell Grants are generally awarded to students who have not earned a bachelor’s or graduate degree. If you are eligible for a Federal Pell Grant, you will receive the full amount for which you qualify. A grant, unlike a loan, does not have to be repaid. Pell Grants are generally awarded only to low income undergraduate students who have not yet earned a bachelor's or a professional degree. Students may not receive a Federal Pell Grant fund from more than one school at a time. The maximum Pell Grant award for the 2007-08 award year (July 1, 2007 to June 30, 2008) is $4,310. The maximum can change each award year and depends on program funding. The amount you get will depend not only on your financial need, but also on your
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. If I am eligible, how will I get the Pell Grant money? Your school can apply Pell Grant funds to your school costs, pay you directly (usually by check), or combine these methods. The school must tell you in writing how much your award will be and how and when you'll be paid. Schools must disburse funds at least once per term (semester, trimester, or quarter). Schools that do not use semesters, trimesters, or quarters must disburse funds at least twice per academic year.
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