Pell Grants are available to students who demonstrate financial need. Financial need is based on a formula that subtracts the expected family contribution from the cost of attending college. The maximum annual Pell grant award for 2008-2009 is $4,731.
You must reapply for a Pell grant each year. You can use an abbreviated form to reapply if you applied in the previous year. You also cannot receive more than one Pell grant in a year. Grants do not have to be repaid.
With Federal Supplemental Educational Opportunity Grants the university is responsible for disbursing the award and has final say over how much in funds are actually awarded.
Like Pell grants, FSEOGs are intended as financial aid for the neediest college students. Priority for FSEOGs goes to recipients of Pell grants. To be eligible for an FSEOG, an applicant must demonstrate financial need by completing a financial-aid application. The current annual maximum amount for an FSEOG is $4,000