Secretary requires. No reports are required of students. Audits: Annual audits will be made. Records: All records pertaining to the eligibility of each Federal Pell Grant recipient and all fiscal management records must be maintained by the institutions for a period of three years or until an acceptable audit has been completed, whichever is later. Selected students will have the information on their applications verified. FINANCIAL INFORMATION: Account Identification: 91-0200-0-1-502. Obligations: (Grants) FY 99 $7,704,000,000; FY 00 est $7,639,717,000; and FY 01 est $8,356,000,000. Range and Average of Financial Assistance: Grants range from $400 to $3,125 in fiscal year 1999. Average award: $1,923 in fiscal 150 year 1999. PROGAM ACCOMPLISHMENTS: Approximately 3,810,000 students received Federal Pell grants during fiscal year 1999. REGULATIONS, GUIDELINES, AND LITERATURE: The 1999-2000 Federal Pell Grant Expected Family Contribution formula is set forth in Part F of the Higher Education Act of 1965 as amended. Regulations governing administration of the Pell Grant Program are found in 34 CFR 600, 668, and 690. The Student Guide; Free Application for Federal Student Aid (no charge); "The Expected Family Contribution Formula"; "The Student Financial Aid Handbook." INFORMATION CONTACTS: Regional or Local Office: Federal Student Aid Information Center. Telephone: 1-800-433-3243. Regional Director, Office of Student Financial
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