Pell Grants are some of the most important and one of the most popular kind of federal student aid programs out there. Pell Grant applications are especially popular among students seeking a bachelor’s, since the Pell Grants are almost exclusively reserved for undergraduate students.

Despite the abundance of information on Pell Grants, there is a lot about them that most students and families don’t know. When you fill out the FAFSA form, either for yourself or your child, it’s important to know exactly what you’re getting into.

Federal financial aid has undoubtedly bridged the rich and poor gap by making education accessible to all.

Perhaps you probably already knew that. But here are some things you might not know about Pell Grant application:

They’re year round
Unlike many other kind of yearly or semester-wise grants, Pell Grants are available for the full year. The intention behind this move is that students enrolled in associate degrees are likely to complete their education faster if the Pell Grant is available all year round. This means, as a student, you can get financial aid on a need by need basis.

Not all schools are eligible
This goes for the entire federal student aid program. Many schools, colleges, and universities simply do not participate in a grant program. As a student, it’s important that you check the participation status of the school or college you’re planning to enroll into.

The Pell Grant is versatile
The amount you receive as a Pell Grant can be used in many ways. You can use it as a part of your tuition fee, as most students prefer. But the grant can be used for everything from books to transportation, and all other study supplies. Even accommodation can be covered. This is the case with almost all federal aid grants.

There is an expiration date
No one wants to hear this, but there is an upper limit for Pell Grant funding for each student. This is generally up to 6 years, which tallies to 600% of the subsidy. They also have to be renewed every year. This means that a Pell Grant awarded in 2016, won’t cover the cost of education in 2017.

Keep these things in mind while you fill your Pell Grant application and you’ll be more aware of your grant status, and the flexibility and control it awards you with. Pell Grants enable thousands of students each year to have a college education that would otherwise elude them.