A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are usually awarded to undergraduate students who have not earned a bachelor’s or professional degree. (In some cases, however, a student enrolled in a post-baccalaureate teacher certification program might receive a Pell Grant.)

How Much Can I Get?

The maximum Pell Grant for the 2004-2005 award year (July 1, 2004 to June 30, 2005) is $4,050. The amount you get 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. You can receive only one Pell Grant in an award year, and you can’t receive Pell Grant funds from more than one school at a time.

If I’m Eligible, How Will I Get the Pell Grant Money?

Your school can apply Pell Grant funds to your school costs, pay you directly (usually by check), or combine these methods. The school must tell you in writing how much your award will be and how and when you’ll be paid. Schools must disburse funds at least once per term (semester, trimester, or quarter). Schools that do not use semesters, trimesters, or quarters must disburse funds at least twice per academic year.