Federal Pell Grant
The Federal Pell Grant program is funded and administered by the U.S. Department of Education. Federal Pell Grants are usually awarded to undergraduates who have not earned a bachelor's or a professional degree (though in some cases, postbachelor's teacher preparation students may also be eligible). The U.S. Department of Education determines your eligibility for the Federal Pell Grant. Your Student Aid Report (SAR) indicates your eligibility for the grant. The Federal Pell Grant does not have to be repaid.
Students apply for the Pell Grant by completing the FAFSA. To qualify for a Federal Pell Grant, students must demonstrate significant financial need. Loyola University Chicago uses the Pell Grant Formula 1 schedule, which splits the total award equally between fall and spring. For 2018-2019 the maximum award is $6,095 for full-time students with an Expected Family Contribution (EFC) on the FAFSA of 0. As the EFC increases, the Pell Grant decreases. For 2018-2019 a student's EFC must be below 5,329 to qualify for a Pell Grant as a full-time student. In some cases, students may receive a prorated grant for 3/4, 1/2, and less than 1/2 time enrollment. Please contact the Financial Aid Office if you have questions about your Pell eligibility for part-time enrollment.
Year-Round Pell Grant
The Consolidated Appropriations Act of 2017 allows a student to receive Federal Pell Grant funds for up to 150% of the student’s Pell Grant Scheduled Award for an award year. Beginning with the 2017-2018 academic year, an eligible student may now receive a full Federal Pell Grant for summer 2018, even if they received a full Federal Pell Grant during the fall and spring semesters. Year-Round Pell (YRP) allows students to receive up to 150% of a regular grant award over the course of the academic year so that they can continue taking classes in the summer and finish their degrees faster than they would otherwise.
To be eligible for the additional Pell Grant funds, the student must meet all general eligibility requirements to receive financial aid for the payment period and must be enrolled at least half time (6 credits) in the payment period. Eligible students may receive up to three Pell disbursements (150%) in one academic year. Dropping classes may impact a student’s eligibility, and may result in a balance due if funds need to be reversed.
Pell Grant recipients may take advantage of this new regulation to earn their degree faster. Students should consult with their academic advisor to develop a manageable course load for the shorter summer term. Students are not required to take 12 credits during summer 2018.
Important Note: The amount of Federal Pell Grant funds a student may receive over his or her lifetime is limited by a federal law to 600%. If a student's lifetime eligibility used (LEU) equals or exceeds 600%, the student may no longer receive Pell Grant funding. Students who meet all Federal Pell Grant eligibility requirements and have at least 75% of their lifetime Pell Grant eligibility remaining at the end of fall 2017 semester are eligible for YRP consideration. The maximum period that students may receive the Federal Pell Grant is the equivalent of twelve full-time semesters.