Many students cannot afford college tuition on their own, but there are numerous government-funded college grants available to those in need. College grants, unlike student loans, do not require repayment. Each type of grant has its own set of eligibility requirements. Some grants are awarded solely on the basis of financial need, while others have academic requirements. Grants come in a variety of shapes and sizes.
Pell Grant (Federal Pell Grant)
The Federal Pell Grant is the most common type of college grant. This grant is awarded solely on the basis of financial need. Students who have not yet earned a bachelor’s degree and are enrolled in an accredited college or university are eligible. Up to the amount of need, the grant is equal to the number of credit hours a student has enrolled in each semester. Students and parents must fill out a Free Application for Federal Student Aid (FAFSA) to apply for the Federal Pell Grant (FAFSA). The maximum grant for the 2009-2010 school year is $5,350 US dollars (USD).
Supplemental Educational Opportunity Grant (SEOG) from the federal government (FSEOG)
The FSEOG is a scholarship program for students who have the greatest financial need. As with the Federal Pell Grant, students are not automatically eligible. The amount awarded is determined financial need, as well as available funding and individual school financial aid policies. Because FSEOG funds are limited, those who apply first are more likely to be selected. The amounts offered for the 2008-2009 school year range from $100 to $4,000 USD.
Grant for Academic Competitiveness (ACG)
For first and second-year students who also receive a Federal Pell Grant, the ACG is available. This grant is in the category of academic college grants. After January 1, 2006, first-year students must have completed a qualifying high school program. Second-year students must have completed a qualifying high school program after January 1, 2005, and have a first-year grade point average of at least 3.0 on a 4.0 scale. First-year students are eligible for up to $750 USD, and second-year students are eligible for up to $1,300 USD as of the 2008-2009 school year.
Grant for Access to Retaining Talent in Science and Mathematics (National SMART Grant)
Third and fourth-year students majoring in specific subjects are eligible for the National SMART Grant. Students must be Pell Grant eligible and maintain a 3.0 grade point average to be considered. The maximum grant for the 2008-2009 school year is $4,000 USD.
TEACH Grant (Teacher Education Assistance for College and Higher Education)
Undergraduate and graduate students enrolled in courses leading to teaching positions in elementary and secondary schools are eligible for the TEACH Grant. Recipients must agree to teach for four years in a school that serves low-income families in a teacher shortage area. The maximum grant for the 2008-2009 school year is $4,000 USD.