Federal Pell Grants are great for those in real need of some extra money for college. They are one of only a few free grants for college available from the government that you do not have to pay back. They are not based on your grades, but rather on your financial situation. This is what's called a "needs based grant program", that awards the grants based on your Expected Family Contribution. Pell Grants are only available for students that really need the extra financial aid.

Pell Grant Amounts

For the 2009-2010 school year, the maximum Pell Grant is $5,350. For the 2010-2011 year, the maximum will increase again to $5,550. Generally, the minimum Pell grant is $400.

Pell Grants do not have a standard amount that they award to each student. It's more of a "per student situation" type of grant that dictates the amount you will be awarded. The amount you will receive depends on several factors such as, how much the classes you are attending cost, the amount of financial contribution your family is going to make, if you are enrolled full time and the amount of money the government decides to put into the program for that particular year. Although there is a maximum you can receive, for example the maximum Pell Grant awarded for the school year 2008-2009 was $4,731.

A great thing about Pell Grants is that there is no cap on the amount of money you can receive. Although there is a cap per year, you may receive more free grant money every year that you attend college. Unlike Federal Loan programs which only provide loans for a specific time based on the program. So regardless of how long it takes you to receive your degree, each year you can apply for a new Pell Grant and if your financial circumstances have not changed, you will get it.

In order to apply for a Free Pell Grant, you must fill out the FAFSA form. This is a simple form to fill out but it is a complicated formula that determines the amount of your grant. Even if you think you or your family makes too much money, it's worth filling out the form anyway, you may receive some grant money regardless. However, and this is a BIG However: Always be honest when filling out any form of government application! If you falsify information in order to get free grant money you may be faced with very stiff penalties that may include prison time.

The form that you fill out to receive the Free Pell Grant money is the same form that needs to be filled out for other Federal Loan Programs as well, so you will need to fill it out anyway. There really is nothing else you can do to Apply for a Pell Grant and there is nothing you can do to ensure you get it. if the Government decides based on the information provided that you are to be awarded Pell Grant money, you will receive an awards letter in the mail with the amount you have been granted.

Most likely the amount of money you receive through the Pell Grant Program will not be enough to cover all of your student and educational costs, and there is a chance you may not receive any at all, so take the time that you are waiting for approval and research and apply for any and all other options available to you.

Pell Grant Eligibility

In order to qualify for a Pell Grant you must be a U.S. citizen and an undergraduate student. If you already have a bachelor’s degree, you are not eligible for a Pell.

For now, the Pell Grant is awarded once a year, although this may change in the future. The amount of each individual student’s Pell Grant is based on:

• Expected Family Contribution (EFC): the amount that the federal government determines your family can pay towards your college costs. Calculated from information you provide in your FAFSA, the EFC is a formula that takes into account your family’s size, income, and financial assets, including such information as the number of family members in college at the same time.
• Cost of Attendance (COA): a total of all the costs involved in attending each specific school. Costs of attendance certainly include tuition and related academic fees, but also other costs you’d have to pay or cover in order to attend school, such as housing costs, IT fees, and possibly transportation.
• Enrollment status: whether you’re a full-time or part-time student

You will find information on many different programs and grants on this site, but be sure to ask your student aid advisor for any new and recent programs that may be available.