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.

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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 in the upcoming 2005-2006 school year is also going to be frozen at $4050.

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.