Which of the following statements, if any, are correct?

$1.$ Grants are money provided to students that does not require repayment.

$2.$ A Federal Pell Grant is need$-$based financial aid specifically for students who have already received an undergraduate degree and are pursuing a graduate degree.

Select one:

a$.$

$1$ only.

b$.$

$2$ only.

c$.$

Both $1$ and $2.$

d$.$

Neither $1$ nor $2.$