34 CFR §690.10

1. (a)Subject to available appropriations, the Secretary pays to each participating institution $5.00 for each student who receives a Federal Pell Grant at that institution for an award year.
2. (b)All funds an institution receives under this section must be used solely to pay the institution's cost of administering the Federal Pell Grant, Federal Work-Study, and Federal Supplemental Educational Opportunity Grant programs.
3. (c)If an institution enrolls a significant number of students who are attending less-than-full-time or are independent students, the institution shall use a reasonable proportion of these funds to make financial aid services available during times and in places that will most effectively accommodate the needs of those students.