The U.S. Department of Education calculates your Expected Family Contribution, which identifies whether you qualify for the grant. The only requirements you must meet are you must be an undergraduate student who has not earned a degree, be a U.S. citizen and have either a high school diploma or GED.
The Pell Grant amount varies each year. The 2010 to 2011 year has a maximum award of $5,550. Your amount is not guaranteed to be maxed out each year and the amount for which you are eligible depends on how much it costs to attend the school and how long you are attending college. Pell Grants can only be received from one college at a time.
You are limited to 18 semesters of Pell Grants. If you are trying to accelerate your course work and degree, you can receive two grants in a single year.
The Pell Grant can be applied to your student account, have them send the money directly to you or a combination of the two. The college will write to you to inform you of how much your Pell Grant is and how it is going to be paid. The notification can be done on a semester, quarter or trimester schedule.