Hey everyone, I've been looking into financial aid for college, and I'm curious what the Pell Grant EFC cutoff is like. Does anyone have any advice or know the current numbers? Thanks!
Hello! As of the 2023-2024 academic year, the Federal Pell Grant no longer uses EFC (Expected Family Contribution) to determine eligibility. Instead, it now uses SAI (Student Aid Index) to serve a similar purpose. This change aims to clarify and streamline the financial aid process for applicants.
The maximum SAI to qualify for a Pell Grant generally ranges from around 0 to about 5740. However, it's essential to recognize that meeting this SAI threshold does not guarantee a specific amount of Pell Grant funding. The amount you receive is determined based on several factors, four main ones being your SAI, the Cost of Attendance (COA) at the school you're attending, your enrollment status (full-time or part-time), and the duration of your enrollment in a given school year.
Keep in mind that the maximum Pell Grant amount changes annually, so it's a good idea to stay updated on the latest information. For the 2023-2024 school year, the maximum award is $7,395.
To get an estimate of your potential Pell Grant eligibility and other financial aid, I recommend using the net price calculator available on the college websites you're interested in attending. This tool accounts for your specific financial situation and gives you a more accurate picture of your expected financial aid package. Don't forget to also fill out the FAFSA as soon as possible to maximize your chances of receiving aid.
I hope this information helps! Let me know if you have any other questions.
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