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A Pell Grant is a subsidy the U.S. federal government provides for students who need it to pay for college. Federal Pell Grants are limited to students with exceptional financial need, who have not earned their first bachelor's degree, or who are enrolled in certain post-baccalaureate programs, through participating institutions.
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In the U.S., a grant is given on the basis of economic need, determined by the amount to which the college's Cost of Attendance (COA) [6] [7] exceeds the Expected Family Contribution (EFC), [8] calculated by the U.S. Department of Education from information submitted on the Free Application for Federal Student Aid following formulas set by the United States Congress.
This brought the scholarship to its final value of $6,000 over four years. [1] To pay for the over 27,000 scholars supported by the program, appropriations for the program were nearly $40,000,000 annually. [2] Funding for the scholarship was eliminated for the 2011–2012 school year.
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Scholarship America's President and CEO is Mike Nylund. [2] In fiscal year 2016, Scholarship America distributed more than $225 million to more than 100,000 American and international students through its programs. [3] In 2012, Forbes ranked Scholarship America as the 83rd largest U.S. charity (out of 100) with total revenues of $155 million. [4]
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