The Federal Pell Grant program, authorized by Title IV-A-1 of the Higher Education Act of 1965, (HEA; P.L. 89-329), as amended, is the single largest source of federal grant aid supporting undergraduate students. The program provided approximately $26 billion in aid to approximately 6.1 million undergraduate students in FY2021. Pell Grants are need-based aid that is intended to be the foundation for all federal need-based student aid awarded to undergraduates. In award year (AY) 2017-2018, 44% of undergraduates received Federal Pell Grants. 2 Unlike loans, students are not required to repay Pell Grants. This report provides descriptions of key elements of the Pell Grant program and information on recipient demographics, award levels, award value, program costs, and program funding prior to the effective date of the FSA, as amended. (For information on key changes authorized by the FSA that go into effect for award year 2024-2025, see CRS Report R46909, "The FAFSA Simplification Act" (ED617513)). The first section of this report addresses how the program works and describes the basic process for awarding Pell Grants, including the application process, student eligibility requirements, award rules and calculations, and the role of the institution of higher education (IHE) in the process. The subsequent sections provide information on recipient characteristics and the role the program plays in relation to other student aid. The report explains the complex Pell Grant funding streams and their implications. Finally, program costs and estimates are presented. In addition, the appendices provide historical Pell Grant award amounts (Appendix A), Pell Grant recipient counts (Appendix B), recent and future program funding (Appendix C), surplus and shortfall levels (Appendix D), and acronyms commonly used in the report (Appendix E).