Students that are eligible for Pell Grant may be able to receive a third disbursement of Pell Grant. The general rules are that students must be eligible for Pell Grant as determined by the Department of Education, and must be enrolled at least half-time for the summer semester. Half-time enrollment is six credit hours for undergraduate students. Graduate students are not eligible for Pell Grant.
Here is an example of how Year Round Pell Grant will work. A student with a zero EFC (expected family contribution) is eligible for $6,195 in Pell Grant for the year, or $3098 for the fall semester and $3097 for spring semester. Under the year round Pell Grant initiative, that student would receive an additional $3097 disbursement if they were to enroll full-time (12 credit hours) for summer or up to a maximum of $9290 for the entire academic year. If the student enrolled half-time, he or she would receive $1549 of Pell Grant for summer, or one-half of a full disbursement.
It is important to note that this change will not result in extra Pell Grant being awarded to a student. The maximum timeframe that eligible students may receive Pell Grant is for the equivalent of twelve full-time semesters.
Pell Grant alone is not enough to cover the full cost of attending classes in the Summer. Six credit hours of tuition plus fees for a Michigan resident, undergraduate student would cost $2,672. For the zero EFC student, Pell Grant for half-time attendance would pay $1549, leaving a balance due of $1,123.
Many students use all of their annual federal loan eligibility in the fall and spring semesters, leaving nothing remaining for summer. If possible, students are encouraged to reserve some of their annual federal loan eligibility to use in the summer. With careful planning, Pell Grant recipients may take advantage of this Pell Grant regulation coupled with the amazing Ferris summer housing initiatives to save money and earn their degree faster.
Students that have been awarded Pell Grant for the 2019-2020 academic year are encouraged to contact the Financial Aid office for assistance with financial planning for the Summer of 2020.