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The Pell Grant
The
most common type of federal grant money is the Pell Grant. This
is federal money that you do not have to pay back as long as you
stay in school. Of course, not just everyone is eligible for the
grant.
When
filling out your financial
aid application, you will get back an EFC,
which stands for Expected Family Contribution. This is a calculation
that the government makes based on your answers in the FAFSA.
This number is given to your school of choice and they will calculate
a financial aid package for you.
The
maximum amount for the grant is as follows:
2007-2007
School Year - $4310
2008-2009
School Year - $4600
The
maximum amount for the Pell for the 2004-2005 school was announced
by Congress in January. The maximum Pell is going to stay at the
same level as 2003-2004 at $4050. To be eligible for the grant,
your EFC must be under $3850 once again.
You
can read more about the grant at a Pell
Grant site.
Please
keep in mind that just because your EFC is under $4050, does not
mean you will get the maximum grant. Please see our
EFC page for more information regarding the EFC.
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