Federal Pell Grant
A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are awarded only to undergraduate students who display exceptional financial need, and have not earned a bachelor's, graduate, or professional degree. Eligible students receive a specified amount each year under this program. The amount to be awarded will depend, not only on the students financial need, but also on their cost of attendance, status as a full-time or part-time stduent, and if they plan to attend school for a full academic year or less.
The amount of funds a student may receive over his/her lifetime from the federal Pell Grant is limited by federal law to the equivalent of six years. Since the maximum amount of Pell Grant funding a student can receive each year is equal to 100%, the six-year equivalent is 600%.