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The Pell Grant is one of the most sought-after forms of financial aid available to undergraduate students. It is free money that you do not have to pay back. The Pell Grant is reserved for students with the most financial need, but it does not run out and there is no state or school deadline. If you are eligible, you may even get reimbursed for money that you have already paid for school. The amount can be adjusted as family circumstances change such as a younger sibling commencing their college career or the household income drastically decreased because of a job loss.

The Pell Grant is funded by the United States Department of Education. This money is appropriated every year by Congress in the budget and is not guaranteed from year to year.