Gift Aid
Gift aid is money given to cover college expenses that does not have to be repaid. Gift aid can be awarded by a college as part of the financial aid award or can be awarded by community groups, businesses, or individuals.
Scholarships:
Scholarships are usually awarded based on a student’s special talents or academic merit. Scholarships can be awarded for excellence in academics, athletics, visual or performing arts, leadership, or community service.
Grants:
Grants are awarded on the basis of financial need. Grant aid comes from three primary sources: the Federal Government, State Government, and through colleges and universities. The following grant programs are funded through the Federal Government.
Federal Pell Grant
The largest grant program is the Federal Pell Grant. Students who wish to be considered for Pell funds must complete a Free Application for Student Aid (FAFSA). The maximum award for 2008-2009 will be approximately $4,700. Awards are restricted to students who are pursuing their undergraduate degree. The amount of the award is based on a student's financial need, the cost of attending school, and enrollment status.
The Academic Competitiveness Grant (ACG)
The ACG is designed for students entering their first or second year of college. Currently students are eligible to receive up to $750 for their first year of student and up to $1,300 for their second year. In order to be eligible, students must be eligible to receive a Pell grant and have completed a rigorous high school program of study as defined their state department of education. Second year recipients must maintain a grade point average of at least 3.0.
SMART Grant
These grants are designed for Pell eligible students entering their third or fourth year of undergraduate study and are majoring in the computer sciences, engineering, certain life sciences, physical sciences, mathematics, and a select group of foreign languages. Eligible students can receive up to $4,000 per year.
Federal Supplemental Education Opportunity Grant (FSEOG)
These grants may be awarded to undergraduate students who have exceptional financial need. Priority is given to Pell Grant recipients with the lowest expected family contributions. Annual awards range from $100 - $4,000.
Non-Campus Gift Aid:
Many organizations, employers, and public and private agencies also award scholarships. Many high school counselors keep a listing of local, regional, and state scholarship programs. There are also a number on online search sites that can help you with this search. Students who are Connecticut residents can check out the Vincent J. Maiocco Scholarship.
Beware of Scams
Beware of companies that promise to save you thousands of dollars in tuition by assisting you with your financial aid forms. Also, don’t be fooled by a company that asks you for money to “hold” a scholarship. To learn more about protecting yourself from scholarship scams, visit www.ftc.gov/bcp/conline/edcams/scholarship/.