Pell is determined only by fafsa efc. Yes, a 0 efc gets full Pell,
Pell Grant is an entitlement that is based on the fafsa EFC. Cost of attendance at the school is a factor too…but any Profile school would have sufficient cost that the full Pell would be given to a $0 EFC per fafsa student. Pell eligibility is not determined by institutional methodology.
so for the OP question, for CSS private schools, we cannot answer this question as it i not standardized and subject to each school’s rules?
Roderick, you are really making this harder than it needs to be!
Unless the student assets are not counted, you can expect that at least 20% of the student asset will be added to the family contribution for the student. So clearly, having $5000 in the bank would count much less than $20,000.
There is also a matter of timing of a gift like this. If the money is not in the student account on the day the financial aid applications are filed, it is not counted as an asset. So…the smart thing is to have the grandparent gift the money the week after the fafsa is completed. HOWEVER, the student will need to list this on their Fafsa the following year, I believe.
The better way is to have the grandparent gift the money to the parent…who can then pay the tuition bill with it. Again…gift should be timed so that it is received after the fafsa is filed. Then pay the bills ASAP.
ETA…it is very possible to have a $0 EFC per fafsa, and receive a full Pell Grant…and still have to pay the college $1200…or even more at a Profile School… Lots of reasons. Institutional methodology could count something that is not counted at all by fafsa (e.g. Home equity or noncustodial parent income). OR the school could have a student contribution that is required.
Or maybe the school doesn’t meet full need and there is a gap.