Key Definitions and Concepts
Pell Grant Processing Changes Starting July 1, 2010
NOTE: The Department of Education issued new guidance on APRIL 27, 2011: Impact of the Department of Defense and Full-Year Continuing Appropriations Act, 2011 on the Federal Pell Grant Program (DCL ID: P-11-02 ) that replaces all prior guidance on the Pell Grant Program.
The first critical concept revolves around the definition of an academic year.
For purposes of federal financial aid programs at Loyola University New Orleans , an academic year is a period of time (normally a minimum of 30 weeks or fall plus spring semester) during which a full -time undergraduate student is expected to complete a minimum of 24 credit hours.
Annual grant limits are tied to the completion of an academic year.
Award year refers to the specific enrollment period. The "normal" award year at Loyola is the fall and spring semesters ( currently the 2010-2011 year). Award years run from July 1 to June 30.
A "Cross -Over Payment Period" is any period that includes both June 30th and July 1 . For the purposes of federal financial aid programs, this period must be assigned to a specific financial aid award year. These years begin each July1.
Q: What is a Pell Grant?
The Federal Pell Grant Program provides need-based grants to low income undergraduate students who have not yet earned a bachelor’s l degree to promote access to postsecondary education.
Q: How do I apply for a Pell Grant?
In order to apply for a Pell Grant you must fill out a Free Application for Federal Student Aid (FAFSA). You must complete the FAFSA every year
Q: How much money will I get from the Pell Grant?
A: Congress sets an annual amount that a student can get during an academic year. The total amount award is based on the student's enrollment status (full-time, part-time, half-time or less than half-time), expected family contribution and the cost of their school. At Loyola University, the maximum scheduled Pell Grant award for the 2011-2012 academic year is $5,550. To receive this amount, a student must be enrolled on a full time basis and have expected family("EFC") contribution of zero according to the federal need-analysis formulas.
Awards are pro-rated for students who enroll on a less than full-time basis.
.
Q: How many terms can I receive the Pell Grant?
A: Effectove with the 2012-2013 award year you will be limited to 12 semesters of full-time payments or its equivalent for part-time study.
You can track your remaining Pell Grant eligibility on the National Student Loan Data Base .
FOR MORE INFORMATION: Pell Grant Overview
(Thanks to our colleagues at Valencia Community College for creating the original template for this page)
Updated December 24, 2011