Final answer:
The US Department of Education's Pell Grant is an example of need-based financial aid. The Pell Grant program provides financial assistance to eligible undergraduate students based on factors such as family income and the cost of attending college.
Step-by-step explanation:
The US Department of Education's Pell Grant is an example of need-based financial aid. The Pell Grant program was initiated by President Johnson as part of the Higher Education Act of 1965 to provide financial assistance to students who demonstrate financial need. The grant does not have to be repaid and is awarded to eligible undergraduate students based on factors such as family income and the cost of attending college.