A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are awarded usually only to undergraduate students who have not earned a bachelor's or a professional degree. (In some cases, however, a student enrolled in a post-baccalaureate teacher certification program might receive a Pell Grant.) Pell Grants are considered a foundation of federal financial aid, to which aid from other federal and nonfederal sources might be added.
How much can I get?
The maximum Scheduled Pell Grant award can change each award year and depends on the program funding. The amount you get, though, will depend not only on your financial need, but also on your costs to attend school, your Estimated Family Contribution (EFC), your status as a full-time or part-time student, and your plans to attend school for a full academic year or less. Also, changes in the award amount can be the results of verification and/or changes to your enrollment status.
If I am eligible, how will I get the Pell Grant money?
Your school will apply Pell Grant funds directly to your school costs. You will receive an award notification for this current year for the amount awarded and how it will be disbursed throughout the academic year. Schools must disburse funds at least once per term (semester or payment period). The amount awarded is based on the elements that were mentioned above. In addition, you also have to meet other requirements such as maintaining Satisfactory Academic Progress in order to receive funds.