eligibility determinations are based on Part F of the HEA, as amended. This national need analysis formula determines financial eligibility for Federal Pell grants and other Federal student aid and is applied uniformly to all applicants. This national need analysis formula determines a student's "expected family contribution" (EFC). The fundamental elements of this need analysis formula are the parents' and/or the student's income and assets (excluding home), the family's household size, and the number of family members attending postsecondary institutions. The EFC is determined as the sum of: (1) A percentage assessment of net income (remaining income after subtracting allowances for basic living expenses) and (2) a percentage assessment of net assets, other than a home, (remaining assets after subtracting an asset protection allowance). Length and Time Phasing of Assistance: Students are currently limited to one Federal Pell Grant during any award year (July 1 through June 30). There is no funding for students to receive a second Federal Pell Grant during a single award year. Funds for one Federal Pell Grant are usually disbursed at least twice during an award year. Students may only receive a Federal Pell Grant until they have received a bachelor's degree. POST ASSISTANCE REQUIREMENTS: Reports: Institutions will be required to furnish reports, periodically, on the disbursement of funds, as well as to furnish any other reports the
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