Grants, unlike a loan, do not need to be repaid. They are offered on a need basis as determined by the completion of the FAFSA.
A Federal Pell Grant is the largest of the grant programs and is awarded to qualifying undergraduate students who do not have a Bachelor's degree.
The amount of Federal Pell Grant funds you may receive over your lifetime is limited by a new federal law (Public Law 112-74 which amended HEA section 401(c)(5)) to be the equivalent of six years of funding. Since the maximum amount of Pell you can receive each year is equal to 100%, the six-year equivalent is 600%. The U.S. Department of Education calculates the percent of Pell received each year by comparing the actual amount you received for the award year with your scheduled award amount for that award year.
This change in the duration of students' Federal Pell Grant eligibility is not limited only to students who received their first Federal Pell Grant on or after the 2008-2009 award year, as the Higher Education Act previously provided when the duration of eligibility was 18 semesters.
A Federal Supplemental Educational Opportunity Grant is awarded to students who demonstrate exceptional need. Priority is given to students receiving Pell Grants and who have the lowest EFCs. Awards vary depending on availability of funds and your financial need.