Federal Pell Grant

A Federal Pell Grant does not have to be repaid. Pell Grants are awarded usually only to undergraduate students who have not earned a bachelor's or a professional degree. (In some cases, however, a student enrolled in a post-baccalaureate teacher certification program might receive a Pell Grant.) Pell Grants are considered a foundation of federal financial aid, to which aid from other federal and nonfederal sources might be added.

The maximum award you can get for the 2003-04 award year (July 1, 2003, to June 30, 2004) is $4,050. 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 costs to attend school, your status as a full-time or part-time student, and your plans to attend school for a full academic year or less.

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.

Nonfederal Grants:
Institutional Grants: There are other grants in addition to the U.S. Department of Educaiton. Colleges provide institutional grants to help make up the difference between college costs and what a family can be expected to contribute through income, savings, loans, and student earnings.

Other institutional grants, known as merit awards or merit scholarships, are awarded on the basis of academic achievement. Some merit awards are offered only to students whose families demonstrate financial need; others are awarded without regard to a family's finances. Some grants come with special privileges or obligations. You'll want to find out about the types of grants awarded by each college you are considering.

For more information about filling out the Free Application for Federal Student Aid (FAFSA)
go to: http://www.fafsa.ed.gov/

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