Every year, millions of students across the country apply for financial aid so that they can continue to further their education. For students with lower income levels, the Federal Pell Grant can offer them an opportunity to realize their educational dreams. The Federal Pell Grant eligibility criteria is rather simple and straight forward. Providing that you can prove a financial need for the grant and are planning on attending an eligible college or university, you will be eligible for this award. While the vast majority of the funding goes to those who are well below the poverty line, there is still plenty of aid available to other students as well.