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Federal Pell GrantsGrants, unlike loans, do not have to be repaid. Federal Pell Grants are usually awarded to undergraduates. The criteria for eligibility include your financial need, your costs to attend school, whether you are part time or full time and whether you will be attending for the entire school year.As with most of your financial aid, you will need to fill out the FAFSA to be considered for the Federal Pell Grants. If you haven't filled out a FAFSA before, you should apply for a personal identification number (PIN). The PIN will allow you to fill out and submit your FAFSA online. For the 2009-2010 school year, the maximum amount awarded will be $5,350. For the 2010-11 award year (July 1, 2010 to June 30, 2011), the maximum award is $5,550. This amount can change from year to year depending on the amount of federal funding to the program. Your school may apply your grant to your school account, pay you directly with a check, or some combination. They will let you know in writing how much your award is and when it will be paid.
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Federal Pell Grants