The Pell Grant program is the largest federal educational grant program in existence today, and while most students have at least heard of its availability, a vast proportion don’t have a clear idea of how to become eligible, how to apply, and what they can expect to receive in terms of aid if they do eventually become eligible. The good news is that the Pell Grant can be obtained with relative ease by any student who demonstrates what the Department of Education considers to be an “exceptional” financial need. This is measured primarily by the EFC, or expected family contribution, and is supposed to act as an indicator of a family’s ability to contribute money towards their child’s college education.

To qualify students must have an EFC that falls below 5,273 for the 2010-11 school year, as this threshold was increased from 4,617 in 2009-10 as a result of the passing of the Student Aid and Fiscal Responsibility Act, or SAFRA. EFC is calculated after the FAFSA has been completed and certain information has been inserted into a predefined formula that pays reference to certain factors. These include both the student’s and parent’s income, the size of the household, and the number of family members who are attending postsecondary institutions. Other Pell Grant eligibility requirements that students should be aware of include the fact that they should be enrolled as an undergraduate student, and that they should not be serving jail time in a federal or state penal institution. Students who may be enrolled in certain graduate or professional programs may be able to qualify, although most Pell Grants are given to students who have not received their first bachelor’s degree.

Applying for the Pell Grant is no different than applying for other forms of federal student aid such as federal Stafford Loans, and the Perkins Loan, as the FAFSA is the official Pell Grant application that students should complete in order to become eligible. Completing the FAFSA can be done online, or via its written counterpart. The online FAFSA can be completed at the website fafsa.ed.gov, while a written copy of the application can be obtained by calling the phone number 1-800-4-FED-AID. It is important to note that the earlier you can submit the FAFSA the better, as most financial aid is allocated on a first-come, first-serve basis. The earliest you can go ahead and submit the FAFSA is January first, and the latest you can submit one is June thirtieth. The maximum Pell Grant amount is now set at 5,550 dollars for the 2010-11 award year, although the vast majority of college students only receive about fifty percent of this maximum amount. Contact your school’s financial aid department if you need more Pell Grant information that may cater to your own particular circumstances, and credentials.