Hey folks, I'm working on applying for financial aid and I was wondering if anyone knows the income limits for receiving a Pell Grant? I just want to make sure I'm eligible for it before I start researching it further. Any help is appreciated!
The Pell Grant is a need-based federal grant for undergraduate students and the amount awarded depends on a variety of factors, including your family's financial situation. There is no specific income limit to be eligible for a Pell Grant, but there are several factors that impact eligibility, such as your Expected Family Contribution (EFC), cost of attendance, full-time or part-time enrollment, and how long you have attended college.
As of the 2023-2024 academic year, the EFC has been replaced by the Student Aid Index (SAI), which serves a similar purpose in determining your financial need. The SAI ranges from -$1,500 to $9,999+, and as with the EFC, the lower your SAI, the more financial aid you may be eligible for. Families with an SAI of $0 or lower tend to be those who receive the maximum Pell Grant award, though it is dependent on the specific circumstances of each student.
While there is no specific income cutoff, it is generally more challenging for families with higher incomes to receive a Pell Grant. Students from families with a combined income of $50,000 or less have a higher likelihood of receiving a Pell Grant, with the majority of awards going to students from families earning less than $30,000 per year. However, it's important to remember that eligibility is determined on a case-by-case basis, and individual factors may vary.
To find out if you're eligible for a Pell Grant, you'll need to fill out the Free Application for Federal Student Aid (FAFSA), which calculates your SAI and provides an estimate of the federal aid for which you may qualify. Even if you're unsure about your eligibility for the Pell Grant, filling out the FAFSA is a vital step in the financial aid process and can reveal other financial aid opportunities available to you.
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