Grants, unlike a loan, do not need to be repaid. They are offered on a need basis as determined by the completion of the Free Application for Federal Student Aid (FAFSA).
The Federal Pell Grant is the largest of the grant programs and is offered to qualifying undergraduate students who do not have a Bachelor's degree.
You may not receive Federal Pell Grant funds from more than one school at a time.
The amount of Federal Pell Grant funds you may receive over your lifetime is limited by a federal law (Public Law 112-74 which amended HEA section 401(c)(5)) to be equivalent of six years of funding. Since the maximum amount of Pell you can receive each year is equal to 100%, the six-year equivalent is 600%. However, under certain circumstances, you may be eligible to receive "year-round Pell" funding for attendance in an additional term within the award year (resulting in receiving up to 150% of the original offer). The U.S. Department of Education calculates the percent of Pell received each year by comparing the actual amount you received for the academic year with your scheduled Pell amount for that academic year.
This change in duration of students' Federal Pell Grant eligibility is not limited only to students who received their first Federal Pell Grant on or after the 2008-2009 academic year, as the Higher Education Act previously provided when the duration of eligibility was 18 semesters.
The Federal Supplemental Educational Opportunity Grant is offered to students who demonstrate very high need. Priority is given to students receiving Pell Grants and who have the lowest EFCs. Offer amounts vary depending on availability of funds and your financial need.