| Pell Grant |
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| CATEGORIES ABOUT PELL GRANT | |
| financial aid | |
| federal assistance in the united states | |
| united states department of education | |
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The Pell Grant program is a type of post-secondary, educational Federal Grant program sponsored by the U.S. Department Of Education . It is named after U.S. Senator Claiborne Pell and originally known as the the Basic Educational Opportunity Grant program. Grants are awarded based on a "financial need" formula determined by the U.S. Congress using criteria submitted through the Free Application for Federal Student Aid ( FAFSA ). The Pell Grant is covered by legislation titled the Higher Education Act Of 1965 , Title IV, Part A, Subpart 1; 20 U.S.C. 1070a. Because of the high levels of need required to obtain a Pell grant, receipt of them is often used by researchers as a proxy for low-income student attendance and to indicate the economic diversity of the student body. AMOUNT OF GRANT Federal budget legislation passed in early 2006 cut the federal financial aid budget by $12.5 billion. While the maximum Pell Grant legislative limit was raised to $5,800 through 2011, maximum Pell grant awards were not funded at this level. The maximum award available to students has been frozen at $4,050 since 2003-04. For 2006-07, the maximum Pell grant available to students remains $4,050. Students with less need will receive smaller amounts. Grant moneys can only be used for tuition, fees, and educational expenses (such as textbooks or required materials for a class). The money cannot be used for housing or food. For the reward year of 2007-2008 the maximum Pell Grant Award is $4,310. The 2008 maximum grant is $4,600, the largest increase in the program's 30 year history. The maximum grant is to increase to $5,400 by 2012. Due to high increases in the cost of post-secondary education and slow or no growth in the Pell grant program, the value of Pell grants has eroded significantly over time. In 2005-06, the maximum Pell grant covered one-third of the yearly cost of higher education at a public four-year institution; twenty years ago, it covered 60% of a student's cost of attendance. EXTERNAL LINKS
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