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 What is a Federal Pell Grant?

A Federal Pell Grant, unlike a loan, does not have to be repaid. Generally, Pell Grants are awarded only to undergraduate students who have not earned a bachelor’s or professional degree. (A professional degree is usually obtained after a bachelor’s degree in a field such as medicine, law, or dentistry.) In some cases, you might receive a Pell Grant for attending a post-baccalaureate teacher certificate program but you may call the Financial Aid Department at the College of Business & Technology in Miami for additional information.

Pell Grants are usually a foundation of financial aid, to which aid from other federal and nonfederal sources might be added. Federal Pell Grants, which do not have to be repaid, are awarded to students based on need. The need is determined by the information provided on the Free Application for Federal Student Aid (FAFSA).

Unlike loans, the Pell Grant does not have to be paid back; however, if the student withdraws before completing the semester at the College of Business & Technology in Miami, the student will be responsible for the remaining Pell amount that the Department of Education will not disburse to the student to pay the College tuition.

 How much money can I get?

How much money you will receive under the Federal Pell Grant program is based on your need, the cost of attendance at your school, whether you are a part-time or full-time student, and whether you attend the College of Business & Technology in Miami for a full academic year or less. Pell Grants for the 2004-2005 award year (July 1, 2004 to June 30, 2005) will depend on program funding. The maximum Pell Grant for the 2004-2005 award year was $4,000. How much you get will depend not only on your EFC but also on your cost of attendance, whether you’re a full-time or part-time student, and whether you attend school for a full academic year or less. You may receive only one Pell Grant in an award year, and you may not receive Pell Grant funds from more than one school at a time.

 How will I be paid?

The College of Business & Technologyl may credit the Pell Grant funds to your school account, pay you directly (usually by check), or combine these methods. The school must tell you in writing how and when you’ll be paid and how much your Pell Grant will be. Schools must pay you at least once per term (semester, trimester, or quarter). Schools that don’t use formally defined, traditional terms must pay you at least twice per academic year.

Please contact Financial Aid Officer for more information. It gives you a variable award according with income earned, number of dependents, working status and other situations. The amount may fluctuate in the upcoming years. The amount of aid actually given is dependent on the need and the cost of education. Contact your Financial aid counselor at the College of Business & Technology in Miami for further questions.

Resouce: http://www.studentaid.ed.gov