- There are two types of grants: Federal Pell
Grants and Federal Supplemental Educational
Opportunity Grants (FSEOGs).
- Generally, to receive a grant, you must
be an undergraduate student (someone who hasn't
earned a bachelor's or graduate degree).
- You can be enrolled full time or part time.
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How much can I get?
Federal Pell Grants—Award amounts can change
yearly. For the 2005-2006 award year (July 1, 2005 to
June 30, 2006), grants will range from $400 to $4,050.
The amount you receive depends not only on your financial
need but also on your costs to attend school, your status
as a full-time or part-time student, and your plans
to attend school for a full academic year or less. You
can receive only one Pell Grant in an award year, and
you can't receive Pell Grant funds from more than one
school at a time.
Federal Supplemental Educational Opportunity Grants
(FSEOGs)—Awards range from $100 to $4,000 a
year.
FSEOGs are awarded to undergraduate students with exceptional
financial need—those with the lowest Expected
Family Contribution (EFC) numbers. Federal Pell
Grant recipients receive priority for FSEOG awards.
What's the difference between these
grants?
If you're eligible for a Federal Pell Grant, you'll
receive the full amount you qualify for—each school
participating in the program receives enough funds to
pay the Pell amounts for all its eligible students.
The amount of other student aid you might qualify for
does not affect the amount of your Pell Grant.
Receiving other aid might reduce the amount of your
FSEOG award. Also, each school participating in the
FSEOG program receives a certain amount of FSEOG funds
each year from the U.S. Department of Education. The
school's financial aid office decides how best to award
those funds. When all FSEOG funds are used for that
award year, no more FSEOG awards can be made for that
year—that's why not everyone who qualifies for
an FSEOG might get one.
How will I be paid?
Your school can credit your grant funds to your school
account, pay you directly (usually by check), or combine
these methods. Also, with your permission, schools can
credit your bank account. Schools must disburse funds
at least once per term (semester, trimester, or quarter).
Schools that don't use formally defined, traditional
terms must disburse funds at least twice per academic
year.
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