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FEDERAL PELL
GRANT
What
is a Pell Grant?
The difference between a federal Pell Grant
and a loan is that you are not obligated to
return the money. Usually, Pell Grants are
awarded to undergraduate students that have
not obtained their Bachelor’s degree.
In some cases you can receive a Pell Grant
to attend Graduate courses.
How can you qualify for a Pell Grant?
The Department of Education of the United
States uses a standard formula to determine
if you have the right to qualify for
financial aids. This is established by
Congress to evaluate the information that
you presented with the application. This
formula produces the number of Expected
Family Contribution or EFC.
Your Student Aid Report or SAR has this
number located on the upper right-hand
corner on the first page. It will confirm if
you will be granted a Pell Grant, if so, for
how much.
How much money can I obtain?
The financial aid for the year
2002-2003(July 1st, 2002 to June 30th, 2003)
will depend on the tuition and fees of your
program. $ 4,050 is the maximum amount
received for the year 2003-2004. You can
only be awarded one Pell Grant per school
year. The amount you receive will not only
depend on your EFC but also on your tuition.
It will also depend on your full time or
part time student status.
You cannot receive more than one Pell Grant
per university at a time.
How will I receive the money?
The money from your Pell Grant will be
deposited in your university account. We
will notify you in writing regarding when
and for how much is the Pell Grant.
Am I entitled to receive a Pell Grant
even if I am registered for less than part
time?
Yes, as long as you are entitled to receive
a Pell Grant. You will not receive the same
amount as if you were a full time student,
but the university will give you the money
according to your student status. You will
not be denied this grant because you are
registered for less than part time.
Stafford Loans are a good resource of
financial aids for students. These loans are
available through the Direct Loan Program or
through the program FFEL.
Inter American University is part of the
Stafford Loan FFEL program. A private lender
will back these loans (in our institution we
have several different private lenders who
back these FFEL Stafford Loans). There are
different options to pay off these types of
loans and they differ between each other.
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