2013-2014 Pell Grant Amount
Applicants that are eligible for the Pell Grant can receive up to $5,635 in Pell Grant award amount. The maximum Pell Grant amount is available to applicants that have a zero EFC (Expected Family Contribution) score. The score is based on the financial information given within the applicantís FAFSA application, cost of attendance, number of family in post-secondary education. The FAFSA (Free Application for Federal Student Aid) takes the applicantís income, assets, cost of attendance, the number of family members currently in school, school enrollment status (part-time or full time), and other factors to determine how much the family should be able to contribute towards the applicantís education expenses.
To be eligible for the Pell Grant, applicants must meet the following qualifications:
1. Recipients must be undergraduates and cannot have received a bachelorís degree previously (with the exception of certain teacher certificate programs),
2. Student must be enrolled with the purpose of obtaining a degree or certificate at an eligible institution.
3. Students must also have a high school diploma (or its equivalent)
4. Less than full-time students are eligible for pro rated awards based on their enrollment status.
Itís important to note that applicants must not be in default on any of their outstanding student loans made under any Title IV Direct Loan Program, or owe overpayment on any other previously received Federal student aid. Applicants must be in good financial standing to receive the Pell Grant.
To receive the full Pell Grant amount of $5,635 for the 2013 - 2014 school year, student must have an EFC score of zero. In order to receive a zero EFC score, applicants must make no more than $24,000 per year, which is $1,000 higher than the 2011 - 2012 school year. They must also meet other financial requirements, such as low to no assets or high cost of attendance, to be considered low income and eligible for a Pell Grant.
The Pell Grant amount will increase each school year based on the standard cost of living increase, which is based on the current inflation rate. The Pell Grant is also expected to increase for all future school years through 2017 from The Health Care and Education Reconciliation Act of 2009. All future increases in future years is to help keep pace with both inflation and the rising costs of college. By 2017, the maximum Pell Grant award amount is expected to be up to $5,975 per school year. Also, by the 2020-2021 academic school year, more than 820,000 additional Pell Grant awards are expected to result from the additional new laws and bills passed during President Obamaís presidential term.