Academic Year Pell Formula
This is the formula used to calculate federal Pell Grant awards for students in the associated academic year.
The following options are available:
Value | Description |
---|---|
Formula 1 |
Use of this formula has the following requirements:
|
Formula 2 | If the institution doesn’t provide the 30 week minimum amount of instructional time required but meets all other requirements of Formula 1, then Formula 2 would apply. |
Formula 3 | Formula 3 can be used for any credit hour, term-based program. |
Formula 4 | All clock-hour programs and nonterm credit-hour programs must use Formula 4, unless they’re correspondence programs. |
Formula 5 | Formula 5 is used for students enrolled only in correspondence courses (not including residential components of correspondence programs). |
For more information on rules and regulations concerning Title IV federal student aid programs, see the U.S. Department of Education’s Information for Financial Aid Professionals (IFAP) website.