2014-2015 Pell Grant Amount

Most families know this time of year is when the FAFSA must be filed.  One of the most important questions the FAFSA answers is, “How much Pell Grant will I get?”  The answer is like all questions related to financial aid–it depends.  If you meet the eligibility requirements to receive federal student aid and have filed your FAFSA, the Expected Family Contribution calculated as a result of processing your FAFSA, along with your school’s Cost of Attendance and your enrollment status will be used to determine how much, if any, Pell Grant you may receive.  The maximum eligible EFC for 2014-2015 is 5157.  You will find your EFC when you receive your Student Aid Report issued after filing your FAFSA. If you supplied a valid email address and signed your FAFSA with yourPIN, you will be able to get this report 3-5 days after submitting the FAFSA.  Don’t worry if it seems complicated.  Your financial aid office will notify you of the specific amount you may receive when they send you your financial aid award letter.  That said, let’s take a look at this year’s maximum and minimum award amounts.

For the 2014-2015 award year (July 1, 2014 – June 30, 2015), the maximum Pell Grant available is $5,730. Conversely, the minimum is $573.  This year’s Pell Grant is an increase of $85 from the $5,645 maximum in 2013-2014.  The maximum and minimum Pell Grant amounts are set by law.  Every student who meets the eligibility requirements and has sufficient need will receive funding.  The higher your EFC, the lower the award you can receive.  And, if you don’t qualify for a Pell Grant, there are many other types of financial aid available to help you pay for your college education–even if you don’t have any financial need.

Here are the 2014-2015 Award Year Federal Pell Grant Program Payment and Disbursement Schedules in PDF format. Remember, your financial aid office has the final word on your eligibility to receive financial aid–including the Pell Grant.

In case you are curious, here are the historical Pell Grant maximums adjusted for inflation (2013):

FOR MORE INFORMATION ABOUT THIS POST VISIT estudentloan.com

2015 Entry - UK/EU Undergraduate finance

Student Loans and grants

A variety of student loans and grants are available from the Government through the Student Loans Company. Loans are repayed after you have left the University and your salary exceeds a set level. Grants do not have to be repayed.

The support available to you via loans and grants depends on your tuition fee (for the fee loan), household income and other personal circumstances.

Tuition Fee Loan

The Tuition Fee Loan covers the payment of your tuition fees, and is not based on your household income. You can borrow up to £9,000 to cover the tuition fee set by your university. Unlike the Maintenance Loan and Grant, the tuition fee loan is paid directly to the University you are studying at.

Maintenance Loan and Grant

In addition to the Tuition Fee Loan to cover your tuition fee, you can choose to take out a maintenance loan which is intended to help pay your living costs. You may also be eligible for a non-repayable Maintenance Grant. The amounts you are eligible to borrow and claim per academic year are based on your household income.

Maintenance Loan

65% of the Maintenance Loan is available regardless of your household income. The remaining 35% depends on household income. Refer to the table below for details.

Maintenance Grant

The entire Maintenance Grant is means tested based on your household income. Students with household incomes of £25,000 or less will receive the full Maintenance Grant of £3,387 per year.

The table below shows the total support students entering in 2015 will be entitled to depending on household income. It also shows what proportion of that is non-repayable and what proportion is a repayable loan.

Household income	Maintenance Grant	Maintenance Loan	Total
£25,000 and under	£3,387	£3,862	£7,249
£30,000	£2,441	£4,335	£6,776
£35,000	£1,494	£4,808	£6,302
£40,000	£547	£5,282	£5,829
£42,620	£50	£5,530	£5,580
£42,875	£0	£5,555	£5,555
£50,000	£0	£4,836	£4,836
£62,132 and over	£0	£3,610	£3,610

• Eligibility
• Household income assessment
• Interest and repayments

Eligibility

Students need to meet all of the residence requirements to be eligible for funding. For students resident in England this means that on 1 September 2013 you must satisfy all of the conditions below:

• Be a British Citizen or have ‘settled status’ in the UK (under the terms of the Immigration Act 1971). ‘Settled status’ means that there are no immigration restrictions on how long you can stay in the UK.
• Be ‘ordinarily resident’ in England. Ordinary residence is where you normally live. Sometimes living abroad on a temporary basis will not prevent you from receiving student funding. If you move from England with your family overseas due to an armed forces posting you are considered ‘ordinarily resident’ in England.
• Have been ‘ordinarily resident’ in the UK, for the three years immediately before starting the course (not wholly or mainly for the purpose of receiving full-time education) or have exercised a right of residence in the European Economic Area (EEA) or Switzerland before returning to the UK to study.
• Other students may also be eligible for student finance e.g. EEA/Swiss migrant workers and refugees.
• EU nationals who have been resident in the EEA will normally be eligible for the tuition fee loan only.
• You must be studying for a Higher Education qualification. Science and Engineering Foundation students are eligible for student finance.

The BTEC Art Foundation programme does not count as degree level and does not qualify for the funding set out here.

Any previous study at degree level can affect your eligibility for student finance.

FOR MORE DETAILS FOR THIS POST VISIT dailyfinance.com