There are two available federal grants: the Federal Pell Grant and the Federal Supplemental Educational Opportunity Grant.
Federal Pell Grant
Federal Pell Grants are awarded to undergraduate students, based on financial need, who have not earned a bachelor’s, graduate or professional degree. The Federal Pell Grant, unlike a loan, does not have to be repaid. Award eligibility and amounts depend on a student’s Expected Family Contribution (EFC) as calculated using the student’s Free Application for Federal Student Aid (FAFSA), the cost of attendance, full or part-time enrollment status, and whether the student attends for the full academic year. Maximum award amounts change yearly.
Students are subject to a lifetime limit of the equivalent of 12 full-time semesters of Pell Grant eligibility. This limit is quantified as up to 600% of Lifetime Eligibility Used (LEU). The lifetime limit applies to all students regardless of when they received their first Federal Pell Grant. Students cannot receive Federal Pell Grant funds at more than one higher education institution for the same enrollment period.
Pell Recalculation Policy
The Excelsior College Office of Financial Aid will use the sixteenth (16th) day from the student’s last registered course start date in an enrollment period as the point when a student’s enrollment level is frozen and the final review for calculation/recalculation of Pell is performed (excepting any subsequent Return of Title IV situations).
A student’s Freeze Date will be determined based on their specific enrollment pattern during each period of enrollment and the latest start date of a course during that period. For example, if a student is registered for courses in both the first and second 8-week modules of a trimester, final recalculation of Pell Grant eligibility would be determined on the sixteenth day of the second module.
If a student is enrolled in 15-week courses only, final recalculation of Pell Grant eligibility would be determined on the sixteenth day of the trimester. If a student later adds a course in the second 8-week module of the trimester, the student’s date of final review for calculation/recalculation of Pell would become the sixteenth day of the second module.
Federal regulations also require the College to recalculate eligibility when a student fails to commence a course used to award a Federal Pell Grant. Students who cancel or withdraw from all courses in an enrollment period may be subject to a recalculation of all federal aid, based on the amount of time attended.
Federal Supplemental Educational Opportunity Grant Program
Undergraduates who have exceptional financial need may be eligible for the Federal Supplemental Educational Opportunity Grant (FSEOG) Program. This program assists Federal Pell Grant recipients with the lowest EFCs. Like Federal Pell Grants, the FSEOG does not have to be repaid. Eligible students can receive up to $1000 per academic year.