All of the following statements concerning financial aid programs for education funding are correct except: 1) a pell is a grant from the federal government awarded to undergraduate students who have not earned a bachelors or professional degree 2) the SAI calculation, which is based on one's ACT score, is used to determine a students eligibility for a pell grant and how much is awarded to a student c) one type of Stamford loan is the direct Stamford loan that is provided to the student directly from the department of education 4) one type of Stamford loan is the FFEL Stamford loan where funds are lent to the student through a lender (such as a bank or other approved financial institution) that participates in the FFEL program