2014-2015 Pell Grant Amount

  2/10/2014 by    in Financial Aid   12 Comments

2014-2015 Federal Pell GrantMost families know this time of year is when the FAFSA must be filed.  One of the most important questions the FAFSA answers is, “How much Pell Grant will I get?”  The answer is like all questions related to financial aid–it depends.  If you meet the eligibility requirements to receive federal student aid and have filed your FAFSA, the Expected Family Contribution calculated as a result of processing your FAFSA, along with your school’s Cost of Attendance and your enrollment status will be used to determine how much, if any, Pell Grant you may receive.  The maximum eligible EFC for 2014-2015 is 5157.  You will find your EFC when you receive your Student Aid Report issued after filing your FAFSA. If you supplied a valid email address and signed your FAFSA with your PIN, you will be able to get this report 3-5 days after submitting the FAFSA.  Don’t worry if it seems complicated.  Your financial aid office will notify you of the specific amount you may receive when they send you your financial aid award letter.  That said, let’s take a look at this year’s maximum and minimum award amounts.

For the 2014-2015 award year (July 1, 2014 – June 30, 2015), the maximum Pell Grant available is $5,730. Conversely, the minimum is $573.  This year’s Pell Grant is an increase of $85 from the $5,645 maximum in 2013-2014.  The maximum and minimum Pell Grant amounts are set by law.  Every student who meets the eligibility requirements and has sufficient need will receive funding.  The higher your EFC, the lower the award you can receive.  And, if you don’t qualify for a Pell Grant, there are many other types of financial aid available to help you pay for your college education–even if you don’t have any financial need.

Here are the 2014-2015 Award Year Federal Pell Grant Program Payment and Disbursement Schedules in PDF format. Remember, your financial aid office has the final word on your eligibility to receive financial aid–including the Pell Grant.

In case you are curious, here are the historical Pell Grant maximums adjusted for inflation (2013):

Historical Pell Grant-Maximums 2013 Inflation Adjusted

About Shawn Lindstrom

Shawn co-founded eStudentLoan.com in 1998, He is passionate about leveraging technology to make paying for college easier for students and their parents. Prior to eStudentLoan, Shawn spent six years working as a financial aid administrator. He holds a B.S. in Political Science from SUNY College at Brockport.
12 Comments
  1. Steve Charles

    Hi, my wife is attending school and we need more loan money for living. We put in for $15,000 ( we need ATLEAST $20,000 a year) and only got approved for around $4,900. I’d like to apply for this PELL grant to help close the gap so she may continue schooling. For the 2014-2015 school year we need roughly $6,000 more and this would basically cover us!

    I’m not sure if you can contact us by phone but if you could that would be amazing since we would have questions. 315-256-4198 or 315-729-9070.

    Thanks you so much!

    • Tamara Krause

      Pell Grants are handled through the FAFSA application and only given to students who meet the low-income threshold (typically under $30,000 for a family of 4). If your family’s income exceeds the requirements, you will need to seek funding through private loans or possibly peer-to-peer lending platforms. She should also start applying for scholarships to help meet some of the costs.

  2. Shelley Perry

    I am frantically searching for the answer to whether a Pell Grant can be used at Bangor University in Wales. I have been told yes, no, I don’t know, and I’m so frustrated.

    I’m also wondering if you know anyone who does student loans for students who have bad credit and no co-signer. Yes, when you quit laughing…

    Thanks for your help. If you want to call, I am at 360 253 6732 until noon pst.

    • Tamara Krause

      Hi Shelly. TYpically, your federal financial aid may only be used through a program sponsored by an accredited U.S. college or University. If the program in Wales is offered as part of a program through a U.S. school, you should be able to use the funding to help cover your expenses. As for the private student loans. You are unlikely to find a private lender who will give you a loan without a cosigner unless you have a credit score above 720. You may want to look into peer-to-peer lending platforms, as these tend to be a little more flexible and rarely require a cosigner.

  3. Alfie Stewart @ Bike Accident UK

    Do unsubsidized and subsidized loan amounts include the pell grant amount? Meaning can you still take out the full amount of loan or do they subtract the pell grant and then you can borrow what is remaining in loans? Sorry if this sounds confusing. Trying to word it as best as I can.

    • Tamara Krause

      If you are an eligible U.S. student who meets the financial requirements to receive a Pell Grant, that amount will be subtracted from your total cost of attendance. Depending on your year in school, there are maximum amounts you are allowed to borrow through the federal student loan program, which may or may not cover all of your remaining college expenses.

  4. Evelyn

    Hi, I am 4 classes away from graduating with my Bachelor’s degree in Education. However, I have reached the limit on financial aid and I don’t have the best of credit. What else can I do to get a student loan of $4900 to be able to finish school?

  5. Laura

    Hi. When my son graduates, he will be 18 and we will no longer financially support him. What we would like to know is if he would qualify for a Pell Grant?

    • Tamara Krause

      Although you may make the decision to no longer provide financial support to your child, the government requires that he include your income on his FAFSA until he is 24, married, has a child or joins the military. If you and your spouse (if married) make a good living, he may not qualify for a Pell Grant. In any case, regardless of your income, it is best that he completes the form, as it is the key to institutional aid and low-interest federal student loans.

  6. Earnest Judge

    Hello Ma’am. I am a veteran that just recently got out the Navy, so I started school late. Beginning for the Spring Semester of 2015, I currently don’t have a job and will be going as a full time student, Therefore I’ve been concerned if I am still eligible for the pell grant begging the deadline has past for the 2014-2015 school year, and I am technically not starting until 2015, but I have already filled out the application for 2015-2016, because I will also be taking classes throughout the summer. So basically my question is, would I not be able to receive pell grant funding technically until the next school year, or would I still be able to qualify or receive funding for the spring semester of 2015?

    • Tamara Krause

      The 2015-2016 application will not be available until January 1. You would need to complete the 2014-2015 FAFSA to request funding for both the spring and summer semesters. Be sure to check with your financial aid office to ensure you have marked on the form that you are seeking funding for both sessions. Since you are filing late, you may not receive your spring funding on time, but your college should grant you an extension if the paperwork has been processed and you are eligible to receive Pell Grant funding.