federal pell grant

This is by far the largest federal grants program and is based on financial need. Students may be enrolled part-time or full-time. Unlike a student loan a Pell Grant does not have to be repaid. There is no minimum grade point average (GPA) or other academic requirement, as long as the student is attending an eligible school. These federally funded grants help about 5.3 million college and vocational school students nationally.

Eligibility:

Students with family incomes up to $45,000 may be eligible for Pell Grants. However, most Pell awards go to students with family incomes below $20,000. There is no charge to apply for a Federal Pell Grant.

How much is the grant:

The award amount depends on the level of funding Congress allots to the program. For the 2004–2005 award year, the Pell Grant awards vary from $400 to $4,050.

The amount each individual student receives depends on Cost of Attendance (COA), Estimated Family Contribution (EFC), and if the student plans to attend full time or part time.