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Grants
Grants are typically awarded on the basis of financial need
and do not need to be repaid. In 2006-2007, $63 billion in grant money was
distributed from four sources: the federal government, state government,
private resources or through colleges (The College Board, 2007).
Check with the financial aid office at your college
or university to see what institutional grant money you may qualify for
and how you should apply.
Your state's Department of Higher Education can help you identify state grants
you may qualify for. Below are some federal grants that may be available to you:
- Federal Pell Grant
Pell Grants are awarded to students based on their Expected Family
Contribution (EFC), as determined by the information reported on your
Free Application
for Federal Student Aid (FAFSA). Eligible students cannot have
a prior bachelor's or
professional degree. The maximum award for 2008-2009 is $4,731.
- Federal Supplemental Educational Opportunity Grant (FSEOG)
FSEOG is awarded to students with exceptional financial need, as
determined by the school. Students must complete a FAFSA
in order to be considered for this award. The maximum award for 2006-2007
is $4,000.
-
Academic Competitiveness Grant (ACG)
This grant is available to full-time, first and second year students
who are U.S. citizens. Qualifying students must have completed a FAFSA,
be Pell Grant eligible and have completed a rigorous program of study
in high school. Second year students must have a 3.0 or higher grade
point average (GPA). The annual award for first year students is normally
$750 and while it is usually $1,300 for second year students.
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National Science and Mathematics Access to Retain Talent (SMART)
Grant
The SMART grant also requires that the FAFSA be
completed to determine if students are Pell Grant recipients and U.S.
citizens. Full-time
third and fourth year students may qualify for this grant based on
maintaining a 3.0 or higher GPA and majoring in a designated
field. The annual award for 2008-2009
is normally $4,000.
Teacher Education Assistance for College and Higher Education
(TEACH) Grant Program
The TEACH grant is available for students who plan on becoming full-time
teachers. Students must be enrolled in a teaching program or working
towards a teaching degree and have a 3.25 GPA. The annual award
for 2008-2009 is $4000. After completing their studies, grant
recipients must teach in a designated high-need school in a specific subject
area or field for four years. Recipients have 8 years to fulfill
this work requirement. If the recipient does not complete the grant
requirements, then the grant becomes a Federal Unsubsidized Stafford Loan.
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