what type of federal funding is free money, but is based on financial need only?
What type of federal funding is free money, but is based on financial need only?
Answer:
The type of federal funding that is considered free money and is based on financial need only is the Pell Grant. The Pell Grant is a need-based federal grant for undergraduate students with exceptional financial need. It does not have to be repaid, making it a form of gift aid. The amount awarded is based on various factors like the expected family contribution, cost of attendance, full-time or part-time enrollment status, and plans to attend for a full academic year or less. This grant is usually awarded to students with a family income below a certain level, as determined by the U.S. Department of Education.