A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are determined by the student’s need (as determined by the FAFSA) and awarded only to students who have not earned a bachelor’s or professional degree. Students must be enrolled for at least three credit hours and be matriculated to be eligible for a Pell Grant.
- Award Amounts: 2014-2015 maximum full time $5730, minimum full time $602
- How to Apply: Complete the FAFSA form
- Duration: PELL Lifetime Eligibility Used (LEU) - The amount of Federal Pell Grant funds you may receive over your lifetime is limited by federal law to be the equivalent of six years of Pell Grant funding. Since the maximum amount of Pell Grant funding you can receive each year is equal to 100%, the six-year equivalent is 600%.
- Repayment: This is a grant, no repayment is required.