In addition to demonstrating financial need, an eligible student must be a U.S. citizen or an eligible noncitizen, have a high school diploma or a GED, and demonstrate the potential to be successful within the program they're seeking to pursue. Although Pell Grants are generally for students who have not yet received their bachelor's or professional degree, students enrolled in a post-baccalaureate teacher certification program may be eligible for the grant as well.
The specific amount of the grant rewarded can change yearly and is dependent on the student's expected family contribution (EFC), the cost of attendance (as determined by the institution), the student's enrollment status (full-time or part-time), and whether the student attends for a full academic year or less (pellgrantqualifications.com).
The U.S. Department of Education determines a student's financial need by taking into account the student's income and assets (if independent) or the parents' income and assets (if dependent), the family's household size, and the number of family members (not including parents) who are enrolled in a post-secondary institution. This information comes from the FAFSA and is used to verify the EFC.
According to the U.S. Department of Education's Federal Pell Grant Program Status, the EFC is the sum of: (1) a percentage of net income (remaining income after subtracting allowances for basic living expenses and taxes) and (2) a percentage of net assets (assets remaining after subtracting an asset protection allowance). Different assessment rates and allowances are used for dependent students, independent students without dependents and independent students with dependents (ed.gov/programs).
In order to be considered for the Pell Grant, students must fill out and submit their FAFSA. The due date of the FAFSA tends to vary among institutions and locations, anywhere from the first of March to the first of May. (However, June 30 is the deadline for Federal aid.)
Your FAFSA is reviewed by the U.S. Department of Education, and a Student Aid Report (SAR) is sent to the student, or an Institutional Student Information Record (ISIR) is sent to the institution they intend to enroll in. Both the SAR and ISIR inform the student of their Pell Grant qualification.