A Federal Pell Grant provides need-based grants that do not have to be repaid to low-income students. They are typically awarded to individuals who have not yet earned an undergraduate or professional degree. Approximately 5,400 post-secondary institutions accept these grants.
The maximum grant amount for July 1st, 2014, to June 30th, 2015, is $5,730. The amount awarded depends on a student's financial need, cost of attendance, status as full-time or part-time student and intention for attending school for a full academic year or less. Federal Pell Grants cannot be received from more than one institution at a time. As of July 1st, 2012, Federal Pell Grants can be received for no more than 12 semesters.