Federal Pell Grant
A Federal Pell Grant, unlike a loan, does not have to be repaid. Federal Pell Grants usually are awarded only to undergraduate students who have not earned a bachelor's or a professional degree.
How much money can I get?
Amounts can change yearly. The maximum Federal Pell Grant award is $5,730 for the 2014–15 award year (July 1, 2013 to June 30, 2014). For the 2015–16 award year (July 1, 2014 to June 30, 2015), the maximum award will be $5,730. The amount you get, though, will depend on
your financial need,
your cost of attendance,
your status as a full-time or part-time student, and
your plans to attend school for a full academic year or less.
You may not receive Federal Pell Grant funds from more than one school at a time.
NEW Federal Pell Grant award limits:
Effective on July 1, 2012, you can receive the Federal Pell Grant for no more than 12 semesters or the equivalent of 600% (roughly six years). You’ll receive a notice if you’re getting close to your limit. If you have any questions, contact your GCC financial aid office.
If you’re eligible for a Federal Pell Grant, you’ll receive the full amount you qualify for—each school participating in the program receives enough funds each year from the U.S. Department of Education to pay the Federal Pell Grant amounts for all its eligible students. The amount of any other student aid for which you might qualify does not affect the amount of your Federal Pell Grant.
Federal Supplemental Educational Opportunity Grant (FSEOG)
Students who will receive Federal Pell Grants
and are the neediest will receive FSEOGs first. The FSEOG does not need to be repaid. The FSEOG Grant is awarded on a first come first serve basis.
How much money can I get?
You can receive between $50 and $4,000 a year, depending on your financial need, when you apply, the amount of other aid you get, and the availability of funds at your school.
Each participating school receives a certain amount of FSEOG funds each year from the U.S. Department of Education’s office of Federal Student Aid. Once the full amount of the school’s FSEOG funds has been awarded to students, no more FSEOG awards can be made for that year. This system works differently from the Federal Pell Grant Program, which provides funds to every eligible student.
So, make sure you apply for federal student aid as early as you can. Each school sets its own deadlines for campus-based funds. You can find a school’s deadline on its website or by asking someone in its financial aid office.