Federal Financial Aid Options
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Description
The Federal Pell Grant program provides free funds to needy undergraduate students. Pell grants do not need to be repaid. Full time recipients in 2021-22 received a maximum of $6,495.
Forms and Procedures to Apply
To apply for the Federal Pell grant, students must:
- Apply to and be accepted to McPherson College
- Submit a Free Application for Federal Student Aid (FAFSA) and receive a result known as the Expected Family Contribution (EFC). The FAFSA is available at studentaid.gov/h/apply-for-aid/fafsa . Students should make sure to include McPherson College’s FAFSA code 001933.
Eligibility Requirements
To be eligible for federal Pell grants at McPherson College, students must:
- Meet the general eligibility requirements as stated within the “Eligibility for Federal Student Financial Aid” section of the Consumer Information Page
- Submit all forms for application
- Not have a bachelor’s, professional, or other graduate degree
Criteria for recipient selection
To be considered for a Federal Pell Grant, the EFC must be below the minimum scheduled payment thresholds as determined by the Department of Education. These payment thresholds are available in October of each year and may change from year to year.
Criteria for award amount
The actual award amount in any given year will be determined by the following:
- Expected Family Contribution (EFC)
- Enrollment status (full time/part-time status)
In 2021-22, a full-time student with a $0 EFC received a maximum yearly Pell award of $6,495. Full-time students with a $5,846 EFC received a minimum yearly Pell of $672. Full-time students with a $5,847 EFC or above were not eligible. Part-time enrollments further decrease the EFC threshold for Pell eligibility.
Criteria for continued eligibility
To continue receiving Pell grants, students must:
- Meet the Satisfactory Academic Progress requirements as explained in the college catalog each semester
- Submit a new FAFSA each year
- Students are given lifetime eligibility of 6 full-time years to finish their undergraduate programs. Students that attend beyond this timeframe are no longer eligible for Federal Pell Grants regardless of the EFC.