Pell Grants are available to undergraduate students who meet certain financial guidelines. Each grant decision is guided by expected family contribution (EFC). In short, the income of the parents of the prospective freshman affects how much grant money may be available.
A potential Pell Grant award package may change due a number of variables. The student's enrollment status is important. "Dependency status" is also important, and that often comes down to federal taxes and whether the student has been claimed as a dependent on a tax return. If the Internal Revenue Service classifies the student as "independent," than they student's wages or salary outside of school is a factor. Estimated school costs also are a fundamental part of the equation.
Fill out the Free Application for Federal Student Aid from the U.S. Department of Education. This is a time-consuming process, and it can be completed in online or paper versions. It is, besides gaining admissions, one of the most important parts of not only receiving a Pell Grant, but other forms of financial aid, like Stafford Loans. Universities also use a FAFSA to determine financial aid.
Federal deadline information is available at the Department of Education's Before Beginning a FAFSA Website. The institutional calendar of a particular school also affects financial aid deadlines. The Department of Education recommends that students check with high school guidance counselors or university financial aid administrators about state and school sources of student aid.
After the FAFSA has been filed, the Department of Education will evaluate it and issue a Student Aid Report. This is the information that will lead to specific funding packages, often a mixture of loans and grants, including Pell Grants, being offered. Student Aid Reports change every year, with every new FAFSA filed.
Variables can make the time between a FAFSA submission and an eventual award offering differ. However, the Department of Educations suggests that you give a web application a week to process before checking its status. If a FAFSA was submitted on paper, the suggested wait is three to four weeks.