Federal Supplemental Educational Opportunity Grants are awarded to eligible undergraduate students who are pursuing their first bachelor’s degree. This grant a form of campus-based aid as it is awarded by colleges to their students who receive Federal Pell Grants and have the most financial need, as indicated via low EFC amounts. While the award amount is dependent on a variety of factors, the minimum annual amount is $100 and the maximum annual amount is $4,000. Students who complete and submit FAFSA early, and meet the award requirements, have a better chance of receiving an award. Unlike a loan, a grant does not have to be paid back (with the exception of certain circumstances).