Pell Grant?

Question

Hi
I just recently got a pell grant. I have some questions
1)Do I have to spend the entire amount, within a time period
2)Is there a time period for the pell grant
3)Right now I am in a communityc ollege, can i just leave it in my savings account and not use it untill I transfer to the 4 yr univ and use it to pay fees and tuition there.

4)If i dont spend a good chunk of it, will it affect my Pell Grant eligibility for next year.

5)Will they ask for the money back if a good chunk is not spent.

Answer 1

1) no. pell grants are given per semester. the amount given to you for the Fall term lets say is to be spent in the Fall. however you do not have to spend all the funds. you are given a certain amount of money according to the amount of credits you are taking. if you go full time for both the Fall and Spring semesters for example you will probably not have anyfunds left for the summer if you decide to go. Just keep that in mind.

2)the pell grant is given to you until you complete your bachelors or until you complete your program of study whether that be a vocational course, an associate's degree or a bachelor's I believe. if not, alot depends on your income and whether it or not it changes dramatically from one year to the next. if you got more money this year from your job then your pell grant will decrease.

3) yes. if after you pay for your classes you have any funds left over they will send them to you via postal mail in the form of a check, they can place them in a card or you can choose to have the funds transferred to the savings account. talk to your financial aid department in your school to inquire about how you can transfer your refunds. any money left is for you to keep and spend on whatever you want. this money need not be paid back.

4)no. but you should try to go at least half time which is usually six credits or two classes. but it will not affect your eligibility.

5) no. FAFSA need not be paid back ever. these are federal funds for low income students. whatever is unused is simply reallocated for you to use in future semesters such as in the summer term example i gave. FAFSA simply tells you "this is the maximum amount of money we are willing to pay for. " if you choose to use less thats fine.

If you have any further questions you may call FAFSA personally at

1 800 4 FED AID

or visit their website

www.fafsa.ed.gov

Hope this answers your questions!

Answer 2

Pell Grants are awarded for an academic year. Technically, Pell funding is meant to be used to education expenses, which include tuition, fees, housing, transportation, books, etc. To ensure that students use their Pell Grants for this purpose, the money is not disbursed directly to the student. Instead, the money will be deposited into your student account with your school. The school will first apply it your *billable* charges (like tuition, fees, etc.) IF there is excess money left over, they will return this money to you in the form of a "refund check." Once the money is in your hands, you can use if for whatever you want, whenever you want.

Now, if you deposit your refund check into your savings account, you could potentially see a decrease in your financial aid eligibility for next year. This is simply because, when you file the FAFSA, you must report the amount of money in your savings/checking/investment accounts. A portion of whatever you report will go towards your EFC.

The maximum Pell Grant for this year is only $4,050 (and most students receive much less than that). So, frankly, it is unlikely that you will have a "good chunk" left over after paying your bill. To answer your last question: no, they won't ask for the money back. The amount that they awarded you was carefully calculated based on the average cost of education for students in your academic program with your EFC. The only way you might lose it is if you start taking fewer credits and your tuition costs decrease.

Answer 3

if you tell no one and make it look like you have spent it on education who will know what you have left. also next year when you go for more money it is a good idea that you take it out of the bank until your financial aid (fafsa) is all done with at school.

p.s. take it out of the bank before you do the fafsa & put it back in the bank once you get your financial aid from school.

"Federal Pell Grant

A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are awarded usually only to undergraduate students who have not earned a bachelor's or a professional degree. (In some cases, however, a student enrolled in a post-baccalaureate teacher certification program might receive a Pell Grant.) Pell Grants are considered a foundation of federal financial aid, to which aid from other federal and nonfederal sources might be added.

How much can I get?

The maximum Pell Grant award for the 2006-07 award year (July 1, 2006, to June 30, 2007) is $4,050 and for the 2007-08 award year (July 1, 2007 to June 30, 2008) it is $4,310. The maximum can change each award year and depends on program funding. The amount you get, though, will depend not only on your financial need, but also on your costs to attend school, your status as a full-time or part-time student, and your plans to attend school for a full academic year or less."

http://studentaid.ed.gov/PORTALSWebApp/students/english/PellGrants.jsp?tab=funding

Answer 4

Your Pell Grant eligibility is based on your income and assets, and your parent's income and assets if you are their dependent. How quickly you spend it has no effect on your Pell Grant eligibility for next year, except that you must report all assets, including your checking and savings accounts, on your student FAFSA when you apply for next year's financial aid. You should use the financial aid money to pay your current student expenses. Don't forget that when you transfer to the 4 year university, you will be eligible for a higher level of financial aid, including grants and student loans, if you need it.

Answer 5

I don't think that there is a time allotment, it's your's,as long as you spend it for school...But saving it for a 4 yr. is a good thing.