Pell Grants are a Federal funded program for low income students directly awarded through one of 5,400 participating institutions. Students may only receive Federal Pell Grant from one school at a time. The award amount is based on your financial need and is for undergraduates and some post baccalaureate students to promote access to post-secondary education. The grant amount awarded is based on U.S Department of Education using a standard formula from the students information on their Free Application for Federal Student Aid (FAFSA).