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Table 10: Distribution of Federal Pell Grant

Recipients by Family Income and Net Asset


Level
Table 10A: Total
Table 10B: Dependent
Table 10C: Independent

Tables 10A, 10B, and 10C present the distribution Independents Have Substantially Lower Net
of Federal Pell Grant recipients by family income Assets Than Dependents. While 93.8 percent of
and asset level, first for all recipients, then for dependents have net assets of $25,000 or less;
dependents and independents, respectively. nearly all (99.5 percent) independents have net
assets of $25,000 or less. Approximately 87.6
Net assets is the sum of the market value, less percent of dependents have net assets of $7,500 or
unpaid debts, of real estate/investments, a business less, compared to 98.4 percent of independents.
or a non-family farm, plus cash, savings, and Figure 14 shows the distribution of net assets by
checking accounts. In 1993-94, the net value of the dependency status. Average net assets are $6,293
principal residence and the net value of a family for dependents, $685 for independents, and $2,973
farm on which the family resides was eliminated for all recipients (not shown).
from all EFC formulas.
Federal Pell Grants Targeted to Low Income
The formulae for calculating the Expected Family and Low Asset Groups. In 1994-95, 33.1 percent
Contribution provide for asset reserves that of all Federal Pell Grant recipients report net assets
"protect" a portion of the student's or `parents' of $7,500 or less with incomes of $6,000 or less.
assets when determining the contribution from Many more independents (45.8 percent) than
assets. dependents (14.6 percent) are in this group.

Most Federal Pell Grant Recipients Report Few As expected, few high-asset, high-income students
Net Assets. As Table 10A shows, Federal Pell receive Federal Pell Grants. Only 7.7 percent of
Grant recipients have few assets. More than nine recipients with incomes greater than $15,000 (2.1
out of ten recipients (97.2 percent) have net assets percent of independents and 10.9 percent of
of $25,000 or less, with most (94 percent) dependents) report assets greater than $25,000 and
reporting net assets of $7,500 or less. About 60.7 income greater than $15,000.
percent of recipients report zero assets in 1994-95.

Higher Income Recipients More Likely to


Report Assets. For the lower income groups (up to
$15,000), 98.5 percent report assets of $25,000 or
less, and 97 percent report assets of $7,500 or less.
For recipients at incomes above $30,000, nine out
of ten (93.8 percent) report assets of $25,000 or
less; 85.5 percent report assets of $7,500 or less.

1994-95 End of Year Report 77


Table 10
70%
65.6%

60.7%
60%

53.5%

50%
Percentage of Recipients

Dependent

40%
Independent
34.1%
32.8% 33.4%
Total

30%

20%

10%
6.2% 6.1%

3.2% 2.8%
1.1% 0.5%
0%
$0 $1-7,500 $7,501-25,000 $25,001+

Net Asset Level

Figure 14: Distribution of Net Assets by Dependency Status

78 1994-95 End of Year Report


Table 10
TABLE 10A
DISTRIBUTION OF FEDERAL PELL GRANT RECIPIENTS
BY FAMILY INCOME AND NET ASSET LEVEL
AWARD PERIOD 1994-95
ALL RECIPIENTS
NET ASSET LEVEL

$1- $7,501- $15,001- $25,001- $35,001- $50,001- $75,001-


FAMILY INCOME: $0 7,500 15,000 25,000 35,000 50,000 75,000 100,000 $100,001+ TOTAL
LESS THAN $1,001.................................
213,776 57,392 2,367 1,564 1,098 1,007 1,121 671 1,744 280,740 N
76.1 20.4 0.8 0.6 0.4 0.4 0.4 0.2 0.6 100.0 R%
9.6 4.7 3.4 3.3 3.9 3.9 4.9 6.2 12.6 7.6 C%
$1,001 - 3,000...........................................
243,971 73,138 1,691 1,003 596 541 504 267 576 322,287 N
75.7 22.7 0.5 0.3 0.2 0.2 0.2 0.1 0.2 100.0 R%
10.9 6.0 2.4 2.1 2.1 2.1 2.2 2.5 4.2 8.8 C%
$3,001 - 6,000..........................................
470,754 158,449 3,187 1,918 1,034 967 923 455 875 638,562 N
73.7 24.8 0.5 0.3 0.2 0.2 0.1 0.1 0.1 100.0 R%
21.1 12.9 4.6 4.1 3.6 3.7 4.1 4.2 6.3 17.4 C%
$6,001 - 9,000..........................................
339,256 146,014 3,890 2,419 1,381 1,272 1,208 639 975 497,054 N
68.3 29.4 0.8 0.5 0.3 0.3 0.2 0.1 0.2 100.0 R%
15.2 11.9 5.6 5.1 4.9 4.9 5.3 5.9 7.0 13.5 C%
$9,001 - 15,000..........................................
370,357 199,857 11,146 7,570 4,416 4,295 3,842 1,983 2,635 606,101 N
61.1 33.0 1.8 1.2 0.7 0.7 0.6 0.3 0.4 100.0 R%
16.6 16.3 15.9 16.1 15.5 16.6 16.9 18.2 19.0 16.5 C%
$15,001 - 20,000........................................
226,968 170,391 11,858 8,257 5,000 4,661 4,401 2,158 2,645 436,339 N
52.0 39.1 2.7 1.9 1.1 1.1 1.0 0.5 0.6 100.0 R%
10.2 13.9 16.9 17.5 17.6 18.0 19.3 19.8 19.1 11.9 C%
$20,001 - 30,000.......................................
265,881 276,354 21,548 14,828 9,111 8,125 6,894 3,143 3,170 609,054 N
43.7 45.4 3.5 2.4 1.5 1.3 1.1 0.5 0.5 100.0 R%
11.9 22.5 30.8 31.4 32.1 31.4 30.3 28.9 22.9 16.6 C%
$30,001 - 40,000........................................
81,781 115,042 11,073 7,373 4,435 3,816 3,070 1,242 1,034 228,866 N
35.7 50.3 4.8 3.2 1.9 1.7 1.3 0.5 0.5 100.0 R%
3.7 9.4 15.8 15.6 15.6 14.7 13.5 11.4 7.5 6.2 C%
$40,001 +.....................................................
17,085 29,523 3,264 2,230 1,329 1,189 807 326 211 55,964 N
30.5 52.8 5.8 4.0 2.4 2.1 1.4 0.6 0.4 100.0 R%
0.8 2.4 4.7 4.7 4.7 4.6 3.5 3.0 1.5 1.5 C%
TOTAL........................................................
2,229,829 1,226,160 70,024 47,162 28,400 25,873 22,770 10,884 13,865 3,674,967 N
60.7 33.4 1.9 1.3 0.8 0.7 0.6 0.3 0.4 100.0 R%
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 C%
TABLE 10B
DISTRIBUTION OF FEDERAL PELL GRANT RECIPIENTS
BY FAMILY INCOME AND NET ASSET LEVEL
AWARD PERIOD 1994-95
DEPENDENT RECIPIENTS
NET ASSET LEVEL

$1- $7,501- $15,001- $25,001- $35,001- $50,001- $75,001-


FAMILY INCOME: $0 7,500 15,000 25,000 35,000 50,000 75,000 100,000 $100,001+ TOTAL
LESS THAN $1,001.......................................
40,476 10,181 1,475 1,147 887 856 1,014 607 1,642 58,285 N
69.4 17.5 2.5 2.0 1.5 1.5 1.7 1.0 2.8 100.0 R%
5.1 2.0 2.7 2.9 3.6 3.7 4.9 6.0 12.5 3.9 C%
$1,001 - 3,000.................................................
40,149 7,933 842 651 416 451 429 243 541 51,655 N
77.7 15.4 1.6 1.3 0.8 0.9 0.8 0.5 1.0 100.0 R%
5.0 1.6 1.6 1.7 1.7 2.0 2.1 2.4 4.1 3.5 C%
$3,001 - 6,000................................................
99,062 20,214 1,713 1,300 772 783 793 412 804 125,853 N
78.7 16.1 1.4 1.0 0.6 0.6 0.6 0.3 0.6 100.0 R%
12.4 4.0 3.2 3.3 3.2 3.4 3.8 4.1 6.1 8.4 C%
$6,001 - 9,000................................................
99,206 30,072 2,571 1,780 1,101 1,078 1,061 564 899 138,332 N
71.7 21.7 1.9 1.3 0.8 0.8 0.8 0.4 0.6 100.0 R%
12.4 5.9 4.7 4.6 4.5 4.7 5.1 5.6 6.9 9.3 C%
$9,001 - 15,000................................................
169,722 83,668 8,568 6,292 3,750 3,707 3,437 1,821 2,467 283,432 N
59.9 29.5 3.0 2.2 1.3 1.3 1.2 0.6 0.9 100.0 R%
21.2 16.4 15.8 16.1 15.4 16.2 16.6 18.0 18.8 19.0 C%
$15,001 - 20,000..............................................
120,732 89,355 9,615 6,977 4,293 4,113 4,008 1,992 2,530 243,615 N
49.6 36.7 3.9 2.9 1.8 1.7 1.6 0.8 1.0 100.0 R%
15.1 17.5 17.7 17.9 17.6 17.9 19.4 19.7 19.3 16.3 C%
$20,001 - 30,000.............................................
158,778 164,488 17,288 12,515 8,014 7,331 6,315 2,940 3,036 380,705 N
41.7 43.2 4.5 3.3 2.1 1.9 1.7 0.8 0.8 100.0 R%
19.9 32.3 31.9 32.0 32.9 32.0 30.5 29.1 23.1 25.5 C%
$30,001 - 40,000..............................................
56,846 79,044 9,179 6,369 3,918 3,491 2,870 1,194 994 163,905 N
34.7 48.2 5.6 3.9 2.4 2.1 1.8 0.7 0.6 100.0 R%
7.1 15.5 16.9 16.3 16.1 15.2 13.9 11.8 7.6 11.0 C%
$40,001 +...........................................................
14,438 25,083 2,934 2,027 1,213 1,123 761 316 210 48,105 N
30.0 52.1 6.1 4.2 2.5 2.3 1.6 0.7 0.4 100.0 R%
1.8 4.9 5.4 5.2 5.0 4.9 3.7 3.1 1.6 3.2 C%
TOTAL.................................. 799,409 510,038 54,185 39,058 24,364 22,933 20,688 10,089 13,123 1,493,887 N
53.5 34.1 3.6 2.6 1.6 1.5 1.4 0.7 0.9 100.0 R%
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 C%
TABLE 10C
DISTRIBUTION OF FEDERAL PELL GRANT RECIPIENTS
BY FAMILY INCOME AND NET ASSET LEVEL
AWARD PERIOD 1994-95
INDEPENDENT RECIPIENTS
NET ASSET LEVEL

$1- $7,501- $15,001- $25,001- $35,001- $50,001- $75,001-


FAMILY INCOME: $0 7,500 15,000 25,000 35,000 50,000 75,000 100,000 $100,001+ TOTAL
LESS THAN $1,001.......................................
173,300 47,211 892 417 211 151 107 64 102 222,455 N
77.9 21.2 0.4 0.2 0.1 0.1 0.0 0.0 0.0 100.0 R%
12.1 6.6 5.6 5.1 5.2 5.1 5.1 8.1 13.7 10.2 C%
$1,001 - 3,000.................................................
203,822 65,205 849 352 180 90 75 24 35 270,632 N
75.3 24.1 0.3 0.1 0.1 0.0 0.0 0.0 0.0 100.0 R%
14.2 9.1 5.4 4.3 4.5 3.1 3.6 3.0 4.7 12.4 C%
$3,001 - 6,000................................................
371,692 138,235 1,474 618 262 184 130 43 71 512,709 N
72.5 27.0 0.3 0.1 0.1 0.0 0.0 0.0 0.0 100.0 R%
26.0 19.3 9.3 7.6 6.5 6.3 6.2 5.4 9.6 23.5 C%
$6,001 - 9,000................................................
240,050 115,942 1,319 639 280 194 147 75 76 358,722 N
66.9 32.3 0.4 0.2 0.1 0.1 0.0 0.0 0.0 100.0 R%
16.8 16.2 8.3 7.9 6.9 6.6 7.1 9.4 10.2 16.4 C%
$9,001 - 15,000................................................
200,635 116,189 2,578 1,278 666 588 405 162 168 322,669 N
62.2 36.0 0.8 0.4 0.2 0.2 0.1 0.1 0.1 100.0 R%
14.0 16.2 16.3 15.8 16.5 20.0 19.5 20.4 22.6 14.8 C%
$15,001 - 20,000..............................................
106,236 81,036 2,243 1,280 707 548 393 166 115 192,724 N
55.1 42.0 1.2 0.7 0.4 0.3 0.2 0.1 0.1 100.0 R%
7.4 11.3 14.2 15.8 17.5 18.6 18.9 20.9 15.5 8.8 C%
$20,001 - 30,000.............................................
107,103 111,866 4,260 2,313 1,097 794 579 203 134 228,349 N
46.9 49.0 1.9 1.0 0.5 0.3 0.3 0.1 0.1 100.0 R%
7.5 15.6 26.9 28.5 27.2 27.0 27.8 25.5 18.1 10.5 C%
$30,001 - 40,000..............................................
24,935 35,998 1,894 1,004 517 325 200 48 40 64,961 N
38.4 55.4 2.9 1.5 0.8 0.5 0.3 0.1 0.1 100.0 R%
1.7 5.0 12.0 12.4 12.8 11.1 9.6 6.0 5.4 3.0 C%
$40,001 +...........................................................
2,647 4,440 330 203 116 66 46 10 1 7,859 N
33.7 56.5 4.2 2.6 1.5 0.8 0.6 0.1 0.0 100.0 R%
0.2 0.6 2.1 2.5 2.9 2.2 2.2 1.3 0.1 0.4 C%
TOTAL...............................................................
1,430,420 716,122 15,839 8,104 4,036 2,940 2,082 795 742 2,181,080 N
65.6 32.8 0.7 0.4 0.2 0.1 0.1 0.0 0.0 100.0 R%
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 C%