Pell Grant Income Requirements
The Pell Grant requirement income requires all recipients to be in some type of financial need. Students that receive the Pell Grant are considered low income and usually have an EFC score of zero to near zero for the full Pell Grant amount. The EFC score is based on the FAFSA (Free Application for Federal Student Aid). The FAFSA takes into consideration your familyís income, cost of college, number of family members in college, and other quantitative measures.
There isnít a set income limit that is required in order to become eligible for a Pell Grant. The total Pell Grant Award amount is based on an EFC score, which used a formula that changes every school year. The items that have a large part in determining if you receive a Pell Grant include:
2)Cost of College
It has been reported that a family making $30,000 / year does not qualify, but a family making $40,000 does qualify. This is due to the fact that the Pell Grant doesnít just take family income into consideration. It does definitely help if your family is considered low-income, but it doesnít guarantee you the Pell Grant.
The cost of college does play a role in determining the Pell Grant amount you receive for school. Students attending a private school, which tends to cost more per year, will be able to qualify for a higher Pell Grant amount versus a student attending a state funded private school.
Students with a family of financial need will also improve the chances of receiving a Pell Grant. Families in need are usually unable to pay for their childs education, which is why the Pell Grant used a large amount of weight in this Pell Grant eligibility calculator.
Students that have a low family income, high college costs, and are in financial need will usually be guaranteed a Pell Grant. The purpose of the Pell Grant is the assist low-income students pay their way through school without them having to repay back the grant. Students interested in applying for the Pell Grant must complete the FAFSA and return the completed application on or before the deadline, which is usually within the first few months of the new year.