Anonymous
Anonymous asked in Education & ReferenceFinancial Aid · 3 weeks ago

My financial aid limit says I’ve reached 560% out of 600%. Is there a way to tell how long it might last me?

The website doesn’t say the actual amount I have left. Only that I’m close to maxing it out.

2 Answers

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  • 3 weeks ago
    Favorite Answer

    That 600% is your Pell grant lifetime eligibility usage (LEU). You are likely still eligible for other kinds of aid, including federal loans (check with your school's FA office, there's a limit there but it's separate from Pell); state grants; institutional scholarships; and private loans and scholarships.

    What the 560% means is that, the next semester you're eligible for a Pell grant (probably Spring 2020), you will receive a prorated amount (40%) of whatever you would be eligible for, based on your EFC (the number determined by your FAFSA).

    Source(s): Am financial aid professional
  • nancy
    Lv 7
    3 weeks ago

    You have just 40% of your annual award left. If you are a full time student at a school that uses a 2 semester academic year, you would have just 1 semester left, and during that semester you would only receive a partial award. However, this can vary if you are a part time student, or if your school has more than two semesters in its academic year. It works like this: Your annual award is 100% of whatever amount corresponds to your EFC from the FAFSA. Half of that (or 50%) would be disbursed in each semester. However, because you only have 40% left, you will only receive a partial award in one semester. For example, say you have a 0 EFC. Your annual award is $6195, so you would receive half of that ($3098) for each semester. But you only have 40% eligibility remaining, so you will receive $2478 (40% of $6195) Since that's less than 50% of the full amount, you'll get it all in the first semester, with nothing left for the second semester.

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