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The Pell Grant is a federally funded grant that is awarded to undergraduate students and does not need to be repaid. Pell Grants are awarded based on "financial need" and will vary from person to person. The maximum you can recieve is $4,000.00 but you can receive less depending on your financial sitation. Elibility is determined by a mathmatical calculation and although Pell Grants are normally offered to students with no undergraduate degree, they can be granted to those seeking higher education as well.
Funding for the grant changes from year to year, so availability also changes. Students do not need to be enrolled full time to be eligible for a Pell Grant. For more information about the Pell Grant and other government education programs, check out their website at http://www.ed.gov/.