9 Interesting Facts About Pell Grants

9 INTERESTING FACTS ABOUT PELL GRANTS Est. 1972, by Senator Pel1 Pell Grants have been around since 1972, proposed by Senator Claiborne Pell as an amendment to the Higher Education Act of 1965. Thank You, Senator. Source: Wikipedia Pell Grants are free That's right, free. Unlike student loans, you don't have to pay back a grant. Just last year, the U.S. handed out $28.2 Billion in Pell Grants. Apply for a Pell Grant online at www.fafsa.ed.gov Pell Grants are for low-income college students Recipients must also be a U.S. citizen and an undergraduate student to qualify. Pell Grants Awarded by Income Level 2009-10 $0-$15,000 $15.001-$30,000 $30,001-$50,000 $50,000+ INCOME LEVEL Source: Ed.gov Pell Grants are need-based The dollar amount of each Pell Grant is determined by a student's financial need. "Need" is the cost of college attendance minus the Expected Family Contribution (EFC), which is around $5,000 on average. How EFC works INeed I EFC w $50,000 Students at expensive schools tend to get larger Pell Grants, because they have a greater "need." $40,000 $30,000 $20,000 $10,000 $0 College A College B College C College D Pell Grant awards vary Pell Grant Award Amounts Average Award (2009-10) Maximum Award $3,646 $5,350 (2009-10) Up from $2,971 Up from $4,731 the previous year the previous year M $17.1 B The American Recovery & Reinvestment Act of 2009 provided $17.1 Billion in funding for Pell Grants. Pell Grant awards are increasing Pell Grant Maximum Award through 2019 $7,000 $6,000 $5,000 $4,000 $3,000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Source: EducationGrant.com More students receive Pell Grants Pell Grant Recipients & Expenditures 1976-2010 $30 12 - Pell Expenditures (in Billions) $25 10 - Number of Pell Recipients (in Millions) $20 8. $15 6. $10 $5 $0 76-77 79-80 82-83 85-86 88-89 91-92 94-95 97-98 00-01 03-04 06-07 09-10 ACADEMIC YEAR Source: The College Board Tuition costs outpacing Pell Grants Pell Grant: Maximum Awards & College Costs $18,000 Federal Pell Grant Maximum Award $15,000 Total College Costs* $12,000 $9,000 $6,000 $3,000 $0 1976 1979 1982 1985 1988 1991 1994 1997 2000 2003 2006 2008 2010 * Includes tuition, fees, room & board at a public four-year university or college Source: U.S. Department of Education, The College Board & NEA.org The Pell Grant doesn't buy what it used to Pell Grant Maximum Award's Share of Total College Costs* OF AM OF AME 77% 33% CTED STATE DWE TRUST GOD WE TRUST LIBERTY LIBERTY QUARTER ARTER DOL DOLLAR 1979 2010 * Includes tuition, fees, room & board at a public four-year university or college Source: The College Board This graphic created by QDegreeSearch.org PELL EXPENDITURES (SNOIT118 NI) GRANT AMOUNT COST OF ATTENDANCE PELL GRANTS AWARDED (IN MILLIONS) S GRAIND $5,350 $16,150 PELL RECIPIENTS ו( AI IRררSN0I)