Pell Grants are awarded only to undergraduate students who have not earned a bachelor's or professional degree. Pell Grants are usually a foundation of financial aid, to which aid from other federal and nonfederal sources might be added.

To determine if you're eligible, the U.S. Department of Education uses information from your processed Free Application for Federal Student Aid (FAFSA) which is sent to institutions as indicated on the FAFSA.

The maximum Pell Grant award for the 2005-2006 award year (July 1, 2005 to June 30, 2006) is $4,050. How much you get will depend not only on your Expected Family Contribution (EFC), but also on your cost of attendance, whether you're a full-time or part-time student, and whether you attend school for a full academic year or less. You may receive only one Pell Grant in an award year, and you may not receive Pell Grant funds from more than one school at a time.