The maximum Federal Pell Grant for the 2026-27 award year is $7,395 — the same number as the year before, since the Department of Education kept the scheduled maximum flat rather than adjusting it for inflation this cycle. The minimum award is $740. * Very few students actually receive the full $7,395. Your award is calculated using your Student Aid Index (the number FAFSA generates from your family's finances), your school's cost of attendance, and your enrollment intensity — full-time students generally get a larger share of the scheduled award than part-time students, prorated by how many credits they're taking. * One rule that surprises a lot of borrowers: a student can receive Pell Grant funding beyond the single-year maximum. Federal rules allow up to 150% of your scheduled award across an award year if you're enrolled in enough credit hours across multiple terms — summer session included — which is one of the few ways to accelerate a degree using grant money instead of loans. * These amounts run from July 1, 2026, through June 30, 2027, matching the same award-year cycle as the FAFSA form itself. Because Pell eligibility is recalculated every year based on current household income and family size, qualifying one year doesn't guarantee qualifying — or the same amount — the next.