Student Loans

QWhat Is Pell Grant?
AUnlike a student loan, a federal Pell Grant does not have to be repaid. Pell Grants are generally awarded only to undergraduate students who havenÒt received a bachelor's or professional degree. Students in postbaccalaureate teacher certification programs may also be eligible. The U.S. Department of Education uses a standard formula established by Congress to determine financial eligibility. The formula generates an Expected Family Contribution (EFC) number, which may be found in the Student Aid Report. A student may receive only one Pell Grant per year for only one school at a time. The grant amount will depend not only on the EFC but also on the cost of tuition and fees, full-time or part-time status, and length of attendance.