Grants are awarded based solely on financial need. Unlike loans, grants don't have to be repaid.
Federal Pell Grant
Pell Grants are the foundation of federal student aid, to which aid from other federal and nonfederal sources might be added. Pell Grants are generally awarded only to undergraduate students - those who haven't earned a bachelor's or graduate degree. In some limited cases, however, you might receive a Pell Grant if you're enrolled in a post-baccalaureate teacher certificate program.
How do I qualify?
To determine if you are eligible, the U.S. Department of Education uses a standard eligibility formula, established by Congress, to evaluate the information you report when you apply (see "Applying for Financial Aid"). The formula produces an Expected Family Contribution (EFC) amount. Your Student Aid Report (SAR) contains this amount and will tell you if you're eligible.
How much money can I get?
Awards for the 2006-2007 award year (July 1, 2006 to June 30, 2007) range from $ 400 to a maximum of $4,050 per year. How much you may actually receive will depend not only on the computed EFC, but also on your cost of attendance, whether you are a full or part-time student, and whether you attend school for a full academic year or less. Prorated awards are available to students who are enrolled less than full time, or less than half time.
Federal Supplemental Educational Opportunity Grant (FSEOG)
A Federal Supplemental Educational Opportunity Grant (FSEOG) is for undergraduates with exceptional financial need; that is, students with the lowest expected family contribution (EFC). Priority is given to students who receive Federal Pell Grants. An FSEOG does not have to be paid back.
How much can I get?
You can receive between $ 100 and $ 2,000 a year, depending upon your level of need, and the availability of funds.
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