The Pell Grant is a form of federal funding that normally does not have to be paid back. The amount of funding, a student will receive is determined based on the financial needs of a student. The 2023-2024 Award Year has grants in the amounts of $767 to $7395. The amount the student receives is based on the student’s/family’s financial situation, enrollment status, and how much of the student’s remaining education at the school falls within the current federal award year (July 1 through June 30). Students do not qualify for a Federal Pell Grant if they have already earned a bachelor’s degree.