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- Grants—financial aid that doesn’t have to be repaid (unless, for example, you withdraw from school and
owe a refund).
- Work-Study—allows you to earn money for your education.
- Loans—allow you to borrow money for school. You must repay your loans, with interest.
- Federal Pell Grant
- Federal Supplemental Educational Opportunity Grant (FSEOG).
- Academic Competitiveness Grant (ACG)
- National Science and Mathematics Access to Retain Talent Grant (National SMART Grant)
Unlike loans, grants are not repaid unless, for example, you are awarded funds incorrectly or you withdraw from school prior to the planned end of term. All federal grants are awarded to students with financial need. The amount of your Federal Pell Grant depends on your cost of attendance, Expected Family Contribution, enrollment status (full or part-time) and whether you attend for a full Academic Year or less. To receive a FSEOG, ACG, or National SMART Grant, you must first be eligible and receive a Federal Pell Grant. The amount of your FSEOG, ACG and National SMART Grant depends on your financial need (see Financial Need and Expected Family Contribution (EFC) here).
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The College Cost Reduction and Access Act, enacted on Sept. 27, 2007, makes college more affordable for many students. For the latest information, and to see how the new law affects federal student aid grants, visit www.FederalStudentAid.ed.gov, click on “Students, Parents and Counselors.” You’ll find the information you need in the “Announcements” section.
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- Pell Grants are the foundation of federal student financial aid, to which aid from other federal and nonfederal sources might be added.
- Pell Grants are generally awarded only to undergraduate students—those who haven’t earned a bachelor’s or graduate degree.
- In some limited cases, however, you might receive a Pell Grant if you’re enrolled in a postbaccalaureate teacher certificate program.
- Amounts can change yearly. The maximum award for the 2008-09 award year is $4,731.
- FSEOGs are awarded to undergraduate students with exceptional financial need—those with the lowest Expected Family Contribution (EFC) numbers.
- Federal Pell Grant recipients receive priority for FSEOG awards.
- FSEOG awards range from $100 to $4,000 a year. The amount of the award is determined by your school’s financial aid office.
Federal Pell Grants:
- If you’re eligible for a Pell Grant you’ll receive the full amount you qualify for—each school participating in the program receives enough funds each year from the U.S. Department of Education to pay the Pell amounts for all its eligible students.
- The amount of other student aid you might qualify for does not affect the amount of your Pell Grant.
FSEOGs:
- Unlike Pell Grants, the amount of FSEOGs you receive depends not only on your financial need but also on the amount of other aid you get and the availability of funds at your school.
- Receiving other aid might reduce the amount of your FSEOG award.
- Not all schools participate in the FSEOG Program.
- The school’s financial aid office decides how to award these funds.
- Each school participating in the FSEOG Program receives a certain amount of FSEOG funds each year from the U.S. Department of Education, Federal Student Aid. When all of those funds have been disbursed for that award year, no more FSEOG awards can be made for that year.
Due to limited funds, it’s important to apply early to be considered for these funds. Not everyone who qualifies for an FSEOG might get one.
This grant program began in the 2006–07 award year for fulltime undergraduate students. The maximum award for a first Academic Year eligible undergraduate student is $750; the maximum award for a second Academic Year eligible undergraduate student is $1,300.
ACG Requirements
To receive an ACG, a student must
- receive a Federal Pell Grant during the same award year;
- be a U.S. citizen;
- be a first- or second-year full-time undergraduate student in a degree program at a two-year or four-year degree-granting institution;
- have completed a rigorous secondary school program of study; and
- if a first-year student—have completed secondary school after Jan. 1, 2006, or
- if a second-year student—have completed secondary school after Jan. 1, 2005, and have at least a 3.0 grade point average as of the end of the first Academic Year of undergraduate study.
For a list of recognized rigorous programs of secondary school study in your state visit www.ed.gov/admins/finaid/about/ac-smart/state-programs.html
This grant program is for full-time undergraduate students who are enrolled in the third or fourth Academic Year of undergraduate study. The award is for up to $4,000 for each of the third and fourth Academic Years.
National SMART Grant Requirements
To receive a National SMART Grant, a student must
- receive a Federal Pell Grant during the same award year;
- be a U.S. citizen;
- be a full-time student in his or her third or fourth Academic Year of an undergraduate degree program;
- be pursuing a major in physical, life, or computer sciences, mathematics, technology, engineering or a critical foreign language; and
- have at least a 3.0 grade point average as of the end of the second award year and continue to maintain a 3.0 GPA that must be checked prior to the beginning of each payment period (e.g., semester).
For a list of National SMART Grant eligible majors, visit ifap.ed.gov/dpcletters/GEN0706.html
- The ACG is for undergraduate students who are enrolled in the first or second Academic Year of an Eligible Program in any field, who have completed a rigorous secondary school program of study, and who also have at least a 3.0 cumulative GPA for the first Academic Year.
- The National SMART Grant is for undergraduate students who are enrolled in the third or fourth Academic Year of an Eligible Program and pursing an eligible major with at least a 3.0 cumulative GPA. The student does not have to complete a rigorous secondary school program of study to be eligible for this grant.
Note: There are additional steps you need to take to ensure you’re considered for an ACG. Students who fill out FAFSA on the Web are asked questions particular to the ACG. If a student is a U.S. citizen, eligible for a Federal Pell Grant, and within the age range to have graduated from high school after Jan. 1, 2005, these questions appear as additional screens during the application process. The paper FAFSA does not contain these questions. Applicants who file the paper FAFSA, are U.S. citizens, eligible for a Federal Pell Grant and within the age range to have graduated from high school after Jan. 1, 2005 will receive instructions on what to do in their Student Aid Report (SAR). The SAR tells the student to use FAFSA on the Web or call the Federal Student Aid Information Center (1-800-433-3243) to provide additional information. Because of this extra step in the paper process, we urge students to use FAFSA on the Web.
When you receive a SAR, remember to read the comments and respond appropriately.
Pell Grant
- Pell Grant award amounts can change yearly, but Pell Grant awards for the 2008-09 award year (July 1, 2008 to June 30, 2009) ranged from $400 to $4,731.
- How much grant aid you get depends on:
- Your EFC.
- Your cost of attendance.
- Whether you're a full-time or part-time student.
- Whether you attend school for a full Academic Year or less.
- You may receive only one Pell Grant in an award year.
- You may not receive Pell Grant funds from more than one school at a time.
FSEOG
- You can get between $100 and $4,000 an Academic Year, depending on:
- When you apply.
- Your financial need.
- The funding level of the school you're attending.
- The policies of your school's financial aid office.
ACG
National SMART Grant
Your school will:
- Credit your grant funds to your school account;
- Pay you directly (usually by check);
- Combine these methods; or
- With your permission, credit your bank account.
- Schools must pay you at least once per term (semester, trimester or quarter).
- Schools that don’t use formally defined, traditional terms (e.g., semester, quarter, etc.) must pay you at least twice per Academic Year.
Yes, but only for the Federal Pell Grant and the FSEOG. However, you will not receive as much as if you were enrolled full-time. You must be enrolled full-time for the ACG and the National SMART Grant.
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