| The Pell Grant as a financial aid instrument is | | | | Obama signed in ’09. The maximum award |
| constantly evolving, and because of this you must | | | | amount is based on an EFC of 0, which demonstrates |
| understand that the actual amount of aid you are able | | | | that you are not financially able to pay for your |
| to receive will most likely not be the same two years | | | | education costs, per the government guidelines. |
| in a row. Read below to find out explicitly how this is | | | | When discussing maximum Pell award amounts, you |
| going to affect you for 2010-11. When you consider | | | | also have to consider a few factors that greatly |
| attending college, you will be presented with several | | | | affect your maximum award amount individually. For |
| funding options. You can pay out of pocket, use | | | | instance, your amount awarded depends on: |
| student loans, seek scholarships and grants for | | | | Months during academic year in attendance |
| specified programs, or even use the Pell Grant. With | | | | Student enrollment status, full or part time |
| many funding sources, you are going to be repaying | | | | EFC score |
| them within a specific length of time from graduation, | | | | Actual costs of attending determined by school |
| many attached with high interest fees. Well, what if | | | | (cost of attendance or coa) |
| you could get free money to pay some of these | | | | If you have a higher EFC score, you will see a smaller |
| education costs with? The Pell Grant is the answer. | | | | Pell Grant award as your income shows that you |
| The Pell Grant offers federal funding towards your | | | | aren’t as in great of a need for the funding as a |
| education at no cost to you, free to be used for any | | | | student with an EFC of zero would be. Once your |
| of your costs for college. So what is the maximum | | | | EFC reaches 4,617 you will be disqualified from |
| award, right? Of course this is a concern for you. | | | | receiving any Pell Grant aid, as this is the maximum |
| The maximum award amount of the actual Pell Grant | | | | cutoff threshold for the 2010 school year. |
| itself annually increases, incorporating price inflations | | | | Getting the maximum award amount means that you |
| during the year. For instance, the Pell award increased | | | | are financially needy for the funding and must have |
| to $5,350 for the ’09-’10 academic year | | | | financial aid to afford your education. The Pell Grant |
| defined by the grant. The ’10-’11 | | | | can be a great way to get all of your school supplies |
| academic year will see a maximum award amount | | | | and even campus housing as well, so get to work and |
| possible of $5,500 per the stimulus package President | | | | fill out your FAFSA. |