David’s Did You Know On Grants

Posted by on March 6, 2012

Did you know the government changes how grants are disbursed from year to year?

Every year you complete a FAFSA and your financial aid advisor uses the results to determine your eligibility for grants and loans.

Just as you complete the FAFSA every year, the federal and state governments are working on their new budgets for the various grant programs.  Generally, the amounts the government allots for these grants changes every year.  Sometimes they give additional funding to students and sometimes they make changes to the eligibility requirements.

My main point is that there is no set amount from year to year that a student can expect to get in grant funds and that the financial aid department reevaluates each student’s aid as the school year begins in July.

The big change this year (2011-12) is the government brought back the maximum PELL award.  In the recent past, students who met certain requirements were eligible for another disbursement of PELL during the Spring quarter when/if they reached their yearly
limit.  This year, several students will not be eligible for as much of their normal PELL grant or possibly none at all for the Spring quarter.

What have we done to alert you of the change?  Throughout the school year, we have been including a warning note with the quarterly cost budgets for any student who may reach this maximum award during the school year.  For the spring cost budgets, we
will be including a note on the cost budget stating each individual student’s
situation as it relates to the PELL grant, if there is a change.

Be on the lookout next week for your cost budget to come in the mail and pay special attention to the notes at the bottom.  We use those notes not only to alert you of situations with your financial aid, but also to remind you of other options for funding and suggestions.

As always, see your financial aid advisor if you have any questions.

Thank you for your Interest in Minnesota School of Business.