The Federal Pell Grant Program is one of the most popular and widely used grant programs for students who want to pursue a college education. This grant literally offers free money for college. Those students who are qualified for the Pell Grant do not have to pay nor return the money back. This grant does not use grades as a gauge for a student to be awarded with financial aid. The grant is based on someone's needs. That is why an applicant's Expected Family Contribution is thoroughly checked and verified. This is definitely good news for those individuals who really have major financial challenges that immensely affect their capabilities to pursue a college education. Since the Pell Grant is funded by the government, the amount of money awarded to students vary on a yearly basis. In short the money is dependent on the government's alloted money for the grant. Other factors that affect the amount being awarded are the following: the projected expected family contribution, number of units the student is taking (full time units) and the cost of the college classes. The maximum amount that a student could receive for the school year 2008-2009 was $4,731. The major difference between the Pell Grant and other federal loans is that the students are not tied up to a lifetime cap. Federal loans have limits on how much a student can borrow or receive. Pell Grants are not bounded by time. They do not require the students to finish their degrees in four years only. The money will always be available till the time they finish their education.

The Pell Grant can only be availed by filling out the Free Application for Federal Student Aid (FAFSA). One's honesty is required when filling out the application form. One must sincerely and consistently declare all assets or income. There are accompanying penalties for tampered information. Also, most likely a possible jail time. The FAFSA is being utilized to determine one's Expected Family Contribution. There will be instances that some applicants may have more assets or money as compared to other applicants. Do not be tempted to hide any pertinent information. This does not automatically result that their application will be rejected. Since the formula is complex, there is a possibility that the applicant will still qualify for financial aid. Federal loan programs require their applicants to fill out the same form. So do not think that you are wasting time. Your efforts will still be rewarded. Your submitted form will still be sent to your preferred college where they will assess your financial situation. What your college will do is that from the cost of your attendance, they will deduct the Expected Family Contribution. In this manner, they will be able to determine the amount of money you will receive. An award letter is being sent to the Pell Grant money recipient. If you have not received this letter, you may want to try other options while waiting. Keep in mind that the Pell Grant is not your solution to all your educational fee concerns. The money that one may receive may not suffice for all the accompanying expenses. Always keep an eye on every financial aid available.