What type of federal funding is free money, but is based on financial need only?
Answer:
The type of federal funding that is free money, but is based on financial need only is called Pell Grants.What are Pell Grants?Pell Grants are need-based federal grants that are awarded to students to help them pay for college or vocational school. They do not need to be repaid, which makes them different from loans.To be eligible for a Pell Grant, the student must have a significant financial need as determined by the federal government. This determination is based on information provided by the student and their family on the Free Application for Federal Student Aid (FAFSA). The amount of the grant varies depending on the student’s financial need, the cost of attendance, and the student’s enrollment status.