Pell Grant Limits to Rise Again for 2009-10

[AdultStudentConnect]

With the passage of the American Recovery and Reinvestment Act of 2009 (ARRA, also known as the Stimulus Package), and other legislation already in the works, income/cost-eligible college students are going to have more money available to them in the form of Pell Grants for the 2009-2010 school year (available July 1). Pell Grants are awarded to students through the Federal Student Aid process, so make sure you have filled out your FAFSA. While students of all income levels have been awarded Pell Grants, the majority of money goes to those with household incomes of under $30-35,000 a year.

The maximum award for the 2009-2010 school year is $5,350. The maximum amount an individual receives depends on costs, income, and full- or part-time status. (The award for '08-'09 is $4,731, while '07-'08 was $4050.) The average award for 2009-10 is expected to be $3150.

The amounts available to individual students vary each year, depending on what the US Congress approves for program funding.

If you haven't filled out your Free Application for Federal Student Aid for 2009-2010, you should do it now. Pell Grant money is generally "first-come, first-served," though they do process applications year-round.

Sources:
http://www.ed.gov/policy/gen/leg/recover...ation.html
http://studentaid.ed.gov/PORTALSWebApp/s...Grants.jsp
http://www.ed.gov/about/overview/budget/....html#pell

[lifestudent]

Another positive provision to come out of the American Recovery and Reinvestment Act is the American Opportunity Education Tax Credit.
"It provides eligible taxpayers in 2009 and 2010 with a credit up to $2,500 of the cost of tuition and related expenses paid during a taxable year. You will need to spend at least $4,000 to get the full credit, however. For 2009 and 2010, the Hope credit applies to the first four years of college, rather than just the first two years. The Hope credit is a per-student credit (meaning there's no per return maximum), and it can be claimed each year the student has qualifying expenses.

Taxpayers receive a tax credit based on 100% of the first $2,000 of qualified expenses paid during the tax year and 25% of the next $2,000 ($500). Forty percent of the credit is refundable, which is good news for lower-income students and families paying for college.

The credit begins to phase out for taxpayers with adjusted gross income in excess of $80,000 for individuals and $160,000 for couples filing jointly".

This is really an enhanced Hope credit. There is also the Lifetime learning credit that is often overlooked come tax time.

[kevin209]

i want to apply for a grant

[asforum99]

Kevin --
To be eligible for federal government grants, you'll need to fill out the Free Application for Federal Student Aid (FAFSA) available at:
http://studentaid.ed.gov/students/public...index.html

This will automatically trigger your eligibility in all government sponsored grants.

Best of Luck !

[nontrad]

I am thinking of going back to school again. When I first went back, I filled out my FAFSA form and got a student loan, plus a grant.

The information here is really good. I totally agree that the government websites are the best, and people should go there first and check them out. PLUS they don't have a fee for filling out the FAFSA form. Some websites try to charge a fee, so the correct websites (such as you have) are the best. I am glad you have these links here to help adult, nontraditional students.

[blackjune]

The Pell Grant amount for 2010-11 is now set at 5,500 dollars, up by 150 dollars from last year. If you are a student who can satisfy the appropriate Pell Grant requirements, you should have no trouble getting approved for at least some aid. This amount is set to increase again next year, where it will be lifted to 5,710 dollars.

[educationgrant]

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