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The federal stimulus program boosted the Pell Grant to $5,350 for 2009–10. "That's the largest increase in the Pell Grant in the history of the program," says Mark Kantrowitz, publisher of FinAid.org. Pell Grants are awarded based on need and don't need to be repaid. In other words: free money. To find out if you're eligible, you must fill out the Free Application for Federal Student Aid, available at FAFSA.Ed.gov.