The Pell Grant is a government-funded program that provides financial aid for low- and moderate-income undergraduate students. It enables those who qualify to attend college or a technical school for free or with a reduced amount of money out of pocket. Pell Grant money does not have to be paid back, making it popular among those who need financial aid in order to attend higher education.

To qualify for a Pell Grant, applicants must complete a Free Application for Federal Student Aid (FAFSA). This need-based financial aid form evaluates students’ financial situations, taking into account family income, tuition costs and student assets. The FAFSA is used to determine the expected family contribution (EFC) to college expenses, the dollar amount the government calculates a family must be able to pay for their student's tuition each year. The EFC figure is then used to determine the amount of Pell Grant money a student may receive up to the current federal maximum.

The amount of the Pell Grant award can vary depending on a number of factors, including the family's assets, the cost of the college or university, and the student's enrollment status. The Pell Grant amount may also depend on the current federal allocation. The higher the family's EFC, the lower the Pell Grant award amount a student may receive as the government won't pay for college expenses the family is expected to contribute towards.

Unlike loans, Pell Grant funds don’t need to be paid back, though it’s important to understand how much money a student will receive and the purpose of funds. Each college and university regulates how much students can spend on educational expenses like housing and tuition, while some of the available funds can be used for basic needs like food.

The U.S. Department of Education provides detailed information about the Pell Grant program, including eligibility, the application process, and how funds can be disbursed and used. Prospective college and university students are advised to read and understand all the information to ensure that they are able to maximize their Pell Grant eligibility.

In summary, the Pell grant is an incredible resource for low- and medium-income individuals who need financial aid for college or technical school. It’s important for applicants to understand the application process and to be aware of factors that can affect their maximum grant award when applying. With a Pell Grant, students can open doors to higher education that may previously seemed impossible to attain.