Here is the new 2011 – 2012 award year Pell Grant chart.
The three criteria used in determining the amount of Pell Grant that you receive are your Expected Family Contribution (EFC), your Cost of Attendance, and your enrollment status (full-time, half-time…). Based on these three criteria, you will be able to find the exact amount of Pell that you will be eligible to receive this academic year.
The annual maximum is $5550.
Here is a quick example that might un-muddy the water a little bit.
Let’s say that you are a 20 year old college student. You submit the FAFSA, using your parent’s tax information, and you get your results back to see that your EFC (which is generated as a result of your FAFSA information) is 900. You also plan to enroll full-time at the college you are attending. Finally, you view on your college’s financial aid website that your colleges annual cost of attendance is $26,200.
Based on the chart provided in the link above, you will receive $4700 in Pell for the year, or $2350 per semester, as long as you remain enrolled full-time.
Hopefully this will give you a better idea of what you can expect to receive in the Pell Grant.
I would be happy to help you with your specific situation if you would like to leave your questions in the comments below!