The federal government offers education assistance known as Pell Grants, which are different from student loans because they do not require the recipient to repay any of the monies received. The grant program was created by the government to assist undergraduate students and certain graduate candidates, who otherwise would not be capable of paying for their post-secondary education. Those receiving this grant will be chosen by the program’s administrators who evaluate a potential recipient’s eligibility using a needs-based criteria.

Pell Grants can be used to help defray a student’s tuition fees at one of the approximately 5,400 colleges or universities who participate in the program. Students, however, may not apply for it to help pay for more than one school simultaneously. For the award year of 2010-2011, the maximum award for a Pell Grant is $5,550. Doing your research for information about online Masters in Education is a good idea.

A Pell Grant recipient’s award is funded through a college or university in the name of the student. Specifically, a recipient must be vying for his or her first Bachelor’s degree. A graduate degree that will prepare a student to become a certified teacher may also be funded. The award is paid directly to the school, which can then pay the student directly, or issued as a credit applied against his or her tuition bill.

Pell Grant eligibility and award amounts are based on the preset requirements. Eligibility is assessed using the information submitted from a Free Application for Federal Student Aid (FAFSA). The Department of Education is responsible determining a student’s eligibility. It is contingent on: the college’s tuition cost, the expected personal contribution (known as EFC), the enrollment status of the student (be it full-time or not), as well as whether one will be attending for a full academic year.

Each student’s eligibility is established using a calculation created by members of Congress. Data from the FAFSA is evaluated to uncover the family’s EFC. The formula basically assesses the parent’s income and assets, the student’s income (if any), the size of the family, and the number of family members currently enrolled in college.

Specifically, the EFC adds the percentage of net assets (those that remain after subtracting an asset protection allowance) to the percentage of net income that remains after subtracting fundamental living expenses and applicable taxes. The calculations are somewhat complex, but eventually, the student’s eligibility is provided to the student (via SAR – a Student Aid Report), and the school (via the Institutional Student Information Record – ISIR). Additionally, the Pell Grant ‘s written notice will advise each as to the student’s EFC. Being on the lookout for the newest details about scholarships students will make your quest easier.

The Pell Grant is responsible for providing a considerable sum of financial assistance for students. For the year 2010, $32,295,226,000 was the amount available to eligible candidates; this number is not representative of money awarded, but just the funds that are able to be distributed. This grant program expected its most recent awards to be approximately $8,000,000 with the average award for an individual to be $3,865.

A Pell Grant is monetary assistance from by the federal government that is given to students who need help paying for their traditional or online degree. The grants are limited to students who can demonstrate a real need when seeking a post-secondary traditional or online college degree through participating institutions.