A Pell Grant is a federal grant sponsored by the U.S. Department of Education and covered by the Higher Education act of 1965 (Title IV, Part A, Subpart 1; 20 U.S.C. 107a). For the years 2007-2008 the maximum Pell Grant available to students is $4,310. In 2008-2009 the amount is $4,731. The maximum is said to increase to $5,400 by 2012. It’s important to know that these numbers can change every year depending on funding and economic changes.

Not everyone is eligible for the Pell Grant and some may find that they are not eligible if they have full-time jobs and have earned money before applying for school. This is why it is important to visit the financial aid office of any educational institute you are applying to. Financial aid officers will review your financial status and your need for financial aid, and recommend a financial aid program to suit your needs.