What type of grant is awarded only to undergraduate students with notable financial need?

The Pell Grant is specifically designed for undergraduate students who demonstrate exceptional financial need. It is a federal financial aid option that does not require repayment, making it particularly beneficial for those who may struggle to afford college tuition and related expenses. Eligibility is determined based on the Free Application for Federal Student Aid (FAFSA), which assesses students' financial circumstances, including family income and size. Unlike merit-based scholarships, which are awarded based on academic achievements or other talents, the Pell Grant focuses solely on financial need, thus providing crucial support to students who may not have the financial resources to pursue higher education.