If ever America needed a superhero, the time is now. Workers are losing their jobs, and students are struggling under the mounting cost of college. Hold on, America … it looks like we might get our superhero after all.

Under newly minted President Barack Obama, Congress is considering an economic stimulus package to rescue us from recession. The House of Representatives just passed the American Recover and Reinvestment Act, and the Senate is working on a similar package, with the goal of getting a final bill to the president in February.

Especially for students: The bill passed by the House includes a $15.6 billion Pell Grant provision, which would increase the maximum Pell Grant by $500, from $4,850 to $5,350. Because who can afford college without a little financial assistance?

Learn more about the Pell Grant with answers to these FAQs:

How do I apply for a Pell Grant?
Fill out the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov. You can’t get any federal aid without it.

How much money will I get?
The amount of your Pell Grant depends on your cost of attendance, expected family contribution (how much your family can pay) enrollment status (full or part time), and whether you attend for a full academic year or less.

How will I get the money?
At least twice during the academic year, your school will either credit a payment to your student account or write you a check. Be wise in your money management!

Do I have to pay it back?
No. The only exceptions are if you are awarded funds incorrectly or if you withdraw from school prior to the planned end of term and thus owe a refund. That’s even more incentive to stay in school.

Can I get a Pell Grant for grad school?
Probably not. Pell Grants are primarily for undergrads, though you might receive a Pell Grant if you’re enrolled in a postbaccalaureate teacher certificate program.

Will my Pell Grant be automatically renewed?
No, you need to complete the FAFSA to determine your Pell Grant eligibility every year. But the good news is that after you complete the application once, your future FAFSAs will be pre-populated with the prior-year data. All you have to do is update the parts that change from year to year.

*Image courtesy of Reuters*

– Robyn Tellefsen