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A Pell Grant is an extremely valuable component of federal financial aid. Because it's a grant, you don't have to pay it back. Free money? Yes, please.

If you qualify, a Federal Pell Grant could add as much as $6,345 to your college coffers. 

You're probably expecting a dollar amount to answer the question in the headline ... but the Pell Grant Lifetime Eligibility is better explained with a different number unit: time. 

The fast answer is that you're entitled to receive financial aid in the form of Pell Grants for the equivalent of six years (or 12 semesters). During that time, you're eligible to receive the maximum amount of Pell Grant aid that you qualify for every year.

If you’re looking for money for college, the federal Pell Grant is probably already on your radar screen.

The Pell Grant is one of the major sources of funding for many college students. However, it’s important to make sure you apply before the deadline so you don’t miss out on your share of free money for college.

Let’s talk about what you need to know to apply for a Pell Grant for the 2019-2020 school year.

If you’re applying for college for the first time, you probably have tons of questions. And that’s even before you start thinking about financial aid …

But you have to figure out financial aid eventually, right? If you’ve reached that point on your college to-do list, we’re here for you.

If you are looking for help paying for an undergraduate (and in some cases, a graduate) education, you may be eligible for the federal government’s Pell Grant Program. The Pell Grant provides need-based funding for use at approximately 5,400 participating colleges and universities. Grant amounts depend upon your Expected Family Contribution (EFC), the cost of tuition, your enrollment status and whether you attend school for a full academic year or less. Best of all, the federal Pell Grant does not have to be repaid.

Federal Pell Grants are one of the most sought after forms of financial aid awarded by the federal government. They can be worth thousands in free money for college and there isn’t a set number of people that can receive them. As long as you meet the financial need requirements, this money is as good as yours.

Here’s what you need to know about this coveted form of financial aid: