Pell Grants

The maximum Pell Grant increased by $260 a year in 2007, from $4,050 to $4,310. Many educational groups are also lobbying to further increase this amount. The minimum Pell Grant amount is $400 a year. You don't have to repay your Pell grant unless your student status changes.

Pell Grant Eligibility Requirements
The income and asset information you submit on the FAFSA determines your eligibility for a Pell Grant. The Pell Grant amount you receive depends on your financial need, the cost of education at your school, and your enrollment status. In order to get the maximum amount for which you are eligible, you must attend full time, although you can receive a reduced amount of Pell Grant even if you are attending school less than half time. If you receive a Pell Grant based on full-time status and drop to part-time status or leave school, you may be required to repay some or all of your Pell Grant funds.

How to Apply
To apply, you must first complete a FAFSA. You will receive a Student Aid Report (SAR) that tells you whether you are eligible for a Pell Grant. You can then contact your school's financial aid office to check how much Pell Grant you are eligible for at that school.

Dependent/Independent Status
Federal regulations classify students as either dependents or independents. Dependents must include their and their parents' information when they file the FAFSA; independent students are required to provide only their own and, if married, their spouse's information. Until you're 24-years-old, you can claim independent status only if you meet one of the following criteria:

• You are working on a master's or doctorate program
• You are married
• You have a child or other dependent who receives more than half their support from you
• You are a veteran
• You are or were an orphan or ward of the court

Keep Your Information Current
If you receive your Student Aid Report (SAR) and made a mistake when you completed the FAFSA, you can return the SAR to correct the information. You should also be aware that your application information is checked against your tax returns, so it's important to be honest. If your information changes during the academic year, contact the financial aid office for advice.