Grants and Financial Aid
This will give you an overview of the different types of grants available, including Federal Pell Grants, Academic Competitiveness Grants, SMART Grants, and Federal Supplemental Education Opportunity Grants.
Federal and State Grants and Scholarships
The government gives away a lot of money each year in the form of grants and scholarships. Grants and scholarships are the best financial aid because they are free money—it’s yours to keep with no repayment. Federal and state governments offer numerous types of grants. Most are need-based, which means that you’ll have to demonstrate a certain level of financial need to qualify. However, it’s a mistake to assume that you won’t qualify, and it’s in your best interest to look into applying for them.
To apply for federal financial aid (and for many state and private aid programs), you must file the Free Application for Federal Student Aid (FAFSA). Complete and submit the FAFSA as soon after January 1 as possible, and familiarize yourself with important deadlines and required documentation for specific awards. Here’s a list of some of the grants and scholarships, including specific information on qualifications and award amounts, for which you can apply.
Federal Pell Grant
The information that students provide on their Free Application for Federal Student Aid (FAFSA) is used to determine their eligibility for a Pell Grant. The maximum award students can qualify to receive is $5,350 each year if they are attending an accredited college or university. Grant funds can be used to cover qualified education expenses and typically do not require any repayment. Schools will determine students’ Pell Grant award based on financial need and college expenses.
- For undergraduate students.
- Eligibility is based on financial need.
- Amount available to you depends on cost of attendance, expected family contribution and total amount of program funding allotted to your school .
- Maximum award of $5,350 for the 2009-2010 school year.
Academic Competitiveness Grant
For freshman and sophomore undergraduate students.
- Must be Pell Grant-eligible to qualify.
- Requires successful completion of a "rigorous" high school program (according to area education agency and the U.S. Secretary of Education).
- Second year students must maintain 3.0 or higher Grade Point Average (GPA).
-
Maximum awards of $750 the first year and $1,300 the second year.
The National Science & Mathematics Access to Retain Talent Grant (SMART Grant)
For junior and senior undergraduate students.
- Must be Pell Grant-eligible to qualify.
- Requires major in one of several fields specified for funding:
o physical, life or computer sciences
o mathematics
o technology
o engineering
o foreign language determined critical to national security - Must maintain 3.0 or higher GPA.
- Maximum award of $4,000 per year (cannot exceed cost of attendance when combined with Pell Grant).
Federal Supplemental Education Opportunity Grant (FSEOG)
A student who has a significant financial need is typically one who would not be in a position to attend college without the assistance of the financial-aid programs offered through the federal government. These “high need” students are generally unable to contribute very much toward their educational expenses and often receive priority for Pell and other grants to cover their costs. Another grant they often qualify for is the Federal Supplemental Educational Opportunity Grant (FSEOG). Funds disbursed through this grant range from $100 to $4,000, and like any other grant, students do not need to repay this after leaving school. However, should a recipient leave school early and not complete his current term, he may be required to repay the funds that he received.
- For undergraduate students with exceptional need.
- Award priority goes to students with lowest expected family contribution.
-
Maximum award of $4,000 per year (amounts depend on your need, how soon you apply and the total FSEOG funding at your school).
Other Grants as a Part of Student Financial Aid
Grants Based on Academics and Talent
While most federal grants are offered only to students who demonstrate a significant financial need through the information provided on the Free Application for Federal Student Aid (FAFSA), some take into account other qualifications. For example, the National Smart Grant is a talent grant for U.S citizens in their junior or senior years of college. These students must be pursuing a full-time education at an approved university in a discipline such as math or science. In some cases, students studying certain foreign languages may also qualify. A minimum GPA of 3.0 must be maintained by qualifying students, who can receive up to $4,000 from the grant.
Grants Offered Through Your State
It is not just the federal government that provides grants to financially needy students. In fact, many states have funds that they award using criteria similar to that of the federal grant programs. One exception is that state programs require a student to be a resident to qualify for the educational funds, and students must attend a college or university within that same state. Those states that do offer grants generally have a limited pool of funds available, so these grants are often distributed on a first come, first serve basis. Financially needy students should apply as early as possible.
Special College Grants
A number of colleges and universities offer special grants for their students who have a significant financial need. These may be considered “student to student” grants because they often come from the fees charged to all students. The schools typically have only a limited amount of funds available and offer them on a first come, first serve basis. Schools may also look for additional requirements, such as maintaining a certain GPA, for a student to qualify.
What Expenses Are Covered by a Grant?
The rules covering grants and other financial-aid funds are very strict: they should be used only to cover your educational expenses. What qualifies are costs such as tuition and fees; food; housing; books; materials; and other related expenses. If you are living off-campus, your transportation costs may be included. In addition, some grant programs allow students to use the funds toward the costs of childcare. When you receive a grant, you should check with your financial-aid office to make sure you understand what expenses these funds can be used toward.
