Federal Pell Grant
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 for the 2008-09 award year (July 1, 2008 to June 30, 2009) is $4,731. The maximum can change each award year and depends on program funding. The amount a student receives will depend not only on financial need, but also on the cost of attendance at the school, as well as the enrollment status (full-time or part-time) of the student, and whether the student plans to attend school for a full academic year or less.
If a Student Is Eligible, How Will He/She Receive the Money?
The school can apply Pell Grant funds to the cost of attendance, pay the student directly (usually by check), or combine these methods. The school must tell the student in writing how much the award will be and how and when the student will 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.
