PELL Grant/FAFSA question?

Question

I submitted my FAFSA on Easter Sunday. The only thing that I left off was my parents' PIN/electronic signature. I submitted that yesterday (July 5). I got the e-mail saying that I was eligible for a really, really good amount on the PELL Grant. 

On my FAFSA page, it says that my form was received on the day in April, but what about the signature? I know I didn't miss the official deadline, but with FAFSA and government aid, the amount you get is determined by the time you apply and stuff, isn't it? First come first serve? That being said, is it going to be like I applied in April or July?

Mrs. Hood · Accepted Answer

For state grants, it depends on your state's priority deadline.  You can view State Aid Deadlines on the FAFSA on the Web Worksheet - http://www.fafsa.ed.gov/fafsaws01c.pdf

For federal grants (Pell, FSEOG), there is no deadline, as long as you're applying during the current school year.  For example, you can't fill out a 2010-2011 FAFSA to receive grants for the 2011-2012 school year.  We have students who apply at all kind of random times during the school year.  Sometimes they pay out of pocket for the first semester and apply for loans the following semester.  If FAFSA says they're eligible for grants, they're awarded the grants.  Plain and simple.  Each school may have their own internal policy though, so you may want to check with your school's Financial Aid Office.

The amount of aid you qualify for is based on your dependency status (dependent vs. independent) and your level in college (undergraduate vs. graduate).  Federal loan limits are fixed.  Dependent undergraduate students qualify for $7,500 in Stafford loans.  Independent undergraduate students qualify for $12,500.  Graduate students qualify for $20,500.  Some medical/law programs have higher limits.  The actual amount you're awarded is based on your cost of attendance, though.  If your cost of attendance is $5,000 and you're a dependent undergraduate student, you wouldn't get the full $7,500.  You'd get only $5,000 b/c you can't borrow more than your cost of attendance.

The amount of grant funding you receive is based on your enrollment status, cost of attendance, and EFC (this number will be sent to you with your FAFSA Student Aid Report [SAR]).  Once you know your EFC and your enrollment status, you can ask your school's Financial Aid Office what your cost of attendance is.  You can then view the Pell chart and find out how much you qualify for - http://ifap.ed.gov/dpcletters/attachments/P1001Attachment.pdf

If you're awarded Pell, you may also be awarded FSEOG - http://www2.ed.gov/programs/fseog/index.html

If your federal loans and grants don't cover all of your needs, you can also apply for a private student loan with an outside lender.

just not that · Answer

Your application isn't considered complete until both you and your parents "sign" the fafsa with the pin.  As a result of your delay, you prob won't get any state grant money that you would have otherwise qualified for if you'd have done it earlier.  Next year make sure you and your parents actually SIGN the form before your states priority deadline.

Anonymous · Answer

The FAFSA is crammed out merely as quickly as a 365 days. the college then figures out how plenty you qualify for each semester in line with how many credit hours you're taking. Do bear in mind the college might say you will get a much better quantity then they might pass lower back and regulate it because of you not being finished-time.

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PELL Grant/FAFSA question?

3 Answers