Significance

• Students who qualify for a Pell Grant may be able to qualify each year, decreasing the cost of education significantly. Pell Grant funds do not have to be repaid and are treated like a scholarship. Pell Grant funding can extend to 18 semesters, with some funding available for summer school.
  
  

Considerations

• With completion of the Free Application for Federal Student Aid, a student is in line for a Pell Grant. After about a month, the student receives a score for expected family contribution, or EFC. This score applies a number to the family's financial strength calculated from a formula. If the family can make no contribution, the student qualifies for the most potential funding from a Pell Grant. The maximum Pell Grant in 2010 is $5,550 for a full-time student with no family assistance.
  
  

Time Frame

• Students must apply with the use of the FAFSA form, and the application must be timely. Online application availability ends June 30 of each year, but the FAFSA provides student aid from other sources, as well. Students who delay application may miss out on state and specific college funds awarded based on the FAFSA.
  
  

Requirements

• The Pell Grant is for undergraduate study or for teacher certification after completion of a degree, in a very limited scope. In addition to need for this low-income funding, the student must not already have a baccalaureate degree. The student may have an associate degree or two-year certificate. Attendance at one of the 5,400 schools for which the Pell Grant is valid is required. Students may not accept a Pell Grant for more than one school at a time, even if attending concurrently.
  
  

Limitations

• Students in five- and six-year programs are limited to the first four years for Pell Grant funding, reports the Student Financial Aid Handbook. Students incarcerated in federal or state institutions are not eligible for Pell Grant funds, but a student in local custody can receive a Pell Grant. Incarcerated students have additional limitations on funding. Correspondence courses and English as a Second Language courses must lead to a degree or certification and must be eligible for Pell Grant funds. Students must be citizens or otherwise legally in the United States.