Each year, the U.S. Department of education provides more than $150 billion a year in grants, loans, and work-study assistance to eligible students. According to the National Center for Education Statistics, sixty-six percent of all undergraduates received some type of financial aid in 2007–08.
Pell grants are one form of federal financial aid. These grants are awarded to undergraduate students who have not earned a bachelor degree. The amount awarded is based on financial need, tuition costs and enrollment status.