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Federal Pell Grant facts. Federal Pell Grants, the largest source of federally funded grants, are awarded solely based on your financial need (academic grades and extra-curricular activities arenât a factor). The maximum award for the 2017-18 academic year is $5,920.
The total Pell Grant funding amount for the year 2014 is $31.1 billion. Broken down this means that for 2015, the maximum grant appropriation per student is $4,860, and the mandatory entitlement amount is $915 for a total of $5,775 for the year. Pell Grant Calculator is a tool available online that helps students calculate the amount of their potential Pell Grant. Pell Grant awards are based on things like the Cost of Attendance and the Expected Family Contribution. Knowing the amount of your Pell Grant can help you better prepare for the cost of college.