Federal Pell Grants
By: Karen Rinehart, CFP^®
The Henssler Financial Group Position Paper

Federal Pell Grants are awarded to undergraduate students that have not earned a bachelor's or professional degree. The grants do not have to be repaid. Many people receive other forms of financial aid along with Pell grants.

In order to be eligible for a Federal Pell Grant you must be considered to have a financial need as outlined by the standard formula established by Congress. When you apply for financial aid you must submit information that is put into the standard formula to compute a Expected Family Contribution Number. Eligibility is based on this number. Refer to www.scholarships.com for details on the standard formula.

The amount that the student receives form the Pell grant depends on program funding.