The Federal Pell Grant is an educational grant that does not have to be repaid. It is an entitlement program for undergraduates who have not yet completed a first baccalaureate course of study or professional degree.
The U.S. Department of Education uses a standard formula to evaluate the information provided on the Free Application for Federal Student Aid (FAFSA). This formula calculates the Expected Family Contribution (EFC) number which is used to determine Pell Grant eligibility.
For 2014-2015, eligible applicants can receive up to $2,860 per semester or up to $5,730 per year. The amount of the grant is pro-rated for an enrollment status of less than full-time.
The FAFSA is the application for the Pell Grant.
The FAFSA must be completed annually to determine Pell Grant eligibility. Eligible applicants may receive this grant each year provided they maintained Satisfactory Academic Progress.