A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are awarded to undergraduate students who have not earned a bachelor's degree. Grant amounts depend on: the student's expected family contribution (EFC); the estimated cost of attendance (determined by the institution); the student's enrollment status (full-time, part-time, ¾ time, or less than half-time); and whether the student attends for a full academic year or less. Students may not receive Federal Pell Grant funds from more than one school at a time.
Pell Lifetime Eligibility
Effective July 1, 2012 students can receive the Federal Pell Grant for no more than 12 academic semesters or the equivalent. The amount of Federal Pell Grant funds students may receive over their lifetime is limited by a new federal law to be the equivalent of six years of Pell Grant funding. Since the maximum amount of Pell Grant funding students can receive each year is equal to 100%, the six year equivalent is 600%. To determine how much of the maximum six years (600%) of Pell Grant you have used each year, the U.S. Department of Education compares the actual amount you received for the award year with your scheduled award amount for that award year.