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Source: OZAN KOSE / Getty

Even though Congress banned providing financial aid to prisoners in 1994, as many as 12,000 prison inmates will be able to use federal Pell grants to finance college classes starting next month.

The $30 million Second Chance Pell Grant pilot program, announced by President Obama, will be available to inmates at 141 state and federal correctional institutions, who will be able to use a federal Pell grant of up to $5,815 to pursue a two- or four-year degree from one of 67 approved colleges and universities.