Federal Pell Grant
A Federal Pell Grant, unlike a loan, does not have to be repaid. Federal Pell Grants are awarded to undergraduate students that are seeking their first baccalaureate degree only. Eligibility is based on financial need. Award amounts can change yearly and are subject to Congressional appropriations. The maximum Federal Pell Grant award is $5,550 for the 2012-13 award year (July 1, 2012 to June 30, 2013). The Federal Pell Grant award will be reduced for students who enroll less than full time. The Federal Pell Grant processor notifies students of their eligibility by sending them the "Student Aid Report" (SAR) after completing your FAFSA. The amount of any other student aid for which you might qualify for does not affect the amount of your Federal Pell Grant. You may not receive Federal Pell Grant funds from more than one school at a time.
Effective on July 1, 2012, you can receive the Federal Pell Grant for no more than 12 semesters or the equivalent. You'll receive a notice if you're getting close to your limit.
For more information about the Federal Pell Grant visit the Federal Student Aid website.