In the 2015 fiscal year, the Pell Grant provided financial aid to over 8 million undergraduate students. The Pell Grant program receives the largest share of the federal education program budget, and it awarded over $30 billion in aid during the 2015 fiscal year.
The Pell Grant is a need-based award that is only available to undergraduate students. In order to qualify, students fill out an annual Free Application for Federal Student Aid (FAFSA). Awards are granted on a sliding scale based on the expected family contribution determined by the FAFSA. The maximum grant award for the 2014-2015 school year is $5,730.