Taken from The Student Guide of the U.S. Department of Education
What is a Federal Supplemental Educational Opportunity Grant?
A Federal Supplemental Educational Opportunity Grant (FSEOG) is for undergraduates with exceptional financial need—that is, students with the lowest Expected Family Contributions (EFCs)—and gives priority to students who receive Federal Pell Grants. An FSEOG doesn’t have to be paid back.
What's the difference between the FSEOG and Federal Pell Grant?
The U.S. Department of Education guarantees that each participating school will receive enough money to pay the Federal Pell Grants of its eligible students. There’s no guarantee every eligible student will be able to receive an FSEOG; students at each school may be awarded an FSEOG based on the availability of funds at that school.
How much money can I get?
You can receive between $100 and $4,000 a year, depending on when you apply, your level of need, the funding level of the school you’re attending, and the policies of the financial aid office where you attend school.
How will I be paid?
Your school will credit your account, pay you directly (usually by check), or combine these methods. Schools must pay students at least once per term (semester, trimester, or quarter). Generally, schools that do not use traditional terms must pay you at least twice during the academic year.