The Pell Grant amounts below are for the 2006-2007 school year. The federal government announced that the Pell Grant amounts will stay the same for the 2007-2008 school year.

The maximum amount of Pell Grant money you can receive for the entire 2006-2007 school year is $4,050. The amount you are eligible to receive is based on your EFC (Estimated Family Contribution) and the cost of attending the school.

Here are a few examples of Pell Grant amounts you could receive:

1. George is attending a community college full time. His school has calculated the annual cost of attending that school to be $5,400. George has an EFC of $358. The amount of Pell he should be awarded is $3,700 for the entire school year.

In calculating their cost-of-attendance numbers, many schools include not only tuition and books, but also living expenses and travel. But maybe George lives at home, or has limited living expenses. Therefore, while the school estimated the annual cost to be $5,400, his bill from the school may be considerably lower than that. If this is the case, then George will have money left over to keep after all his school expenses are paid.

If George's EFC was $2,700, he would still receive a $1,400 Pell Grant. Keep in mind that this is only the Pell Grant money; there are many other awards that he might receive and not have to pay back, such as scholarships and the FSEOG (Federal Supplemental Educational Opportunity Grant).