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 postsecondary education students. The program provided approximately $31 billion in aid to approximately 6.5 million undergraduate students in FY2023. 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) 2019-2020, approximately 40% of undergraduates received Federal Pell Grants. Unlike loans, students are not required to repay Pell Grants. The discretionary statutory authority for the Pell Grant program was reauthorized through FY2034 by the FAFSA Simplification Act (FSA; Title VII of Division FF of P.L. 116-260, Consolidated Appropriations Act, 2021), as amended by the Consolidated Appropriations Act, 2022 (P.L. 117-103). The discretionary authorization will be extended through FY2035 under the General Education Provisions Act (GEPA). HEA also provides permanent mandatory program appropriations. 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. 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 award rules in AY2023-2024 prior to the FAFSA Simplification Act going into effect (Appendix A), historical Pell Grant award amounts (Appendix B), Pell Grant recipient counts (Appendix C), recent and future program funding (Appendix D), surplus and shortfall levels (Appendix E), and acronyms commonly used in the report (Appendix F).