Federal Pell Grant

A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are usually awarded only to undergraduate students who have not earned a bachelor's or a professional degree.

The maximum Pell Grant award can change each year and depends on program funding. The amount you receive will depend not only on your financial need, but also on your costs to attend school, your status as a full-time or part-time student, and your plans to attend school for a full academic year or less.

Your school can apply Pell Grant funds to your school costs, pay you directly (usually by check), or combine these methods. The school will inform you as to how much your award will be and how and when you'll be paid. Schools must disburse funds at least once per term.