Federal Pell Grants

Unlike a loan, a Federal Pell grant doesn’t require you to repay it. Most of the time, Pell Grants are only awarded to undergraduate students. In some limited cases, however, you might receive a Pell Grant if you’re enrolled in a post baccalaureate teacher certificate program.

Pell Grants are usually a foundation of federal student aid, to which aid from other federal and nonfederal sources might be added. Like all financial aid, the school you are attending plays a role in whether or not you will qualify. You can apply for a Pell grant through your school’s financial aid office

The maximum Pell Grant for the 2004-2005 award year (July 1, 2004 to June 30, 2005) is $4,050. The amount awarded to students is based on financial need, on your cost of attendance, whether you’re a full-time or part-time student, and whether you attend school for a full academic year or less. Only one Pell Grant can be awarded to you each year, and you may not receive Pell Grant funds from more than one school at a time.

If you are awarded a Pell Grant, your school can write you a check for the entire amount, credit your school account, or any combination.

Referenced Source(s): http://studentaid.ed.gov/students/publications/student_guide/2004_2005/english/

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