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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 Grants
- Federal Supplemental Educational Opportunity Grants (FSEOG).
- Academic Competitiveness Grant (ACG)
- National Science and Mathematics Access to Retain Talent Grant (National SMART Grant)
Unlike loans, grants don’t have to be repaid unless, for example, you are awarded funds incorrectly or you withdraw from school. 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. The amount of your FSEOG, ACG and National SMART Grant depends on your financial need (see Financial Need and Expected Family Contribution (EFC).
- 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 2006–07 award year was $4,050.
- 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.
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 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. When all of those funds have been disbursed for that award year, no more FSEOG awards can be made for that year.
This is why it's so important to apply early to be considered for these funds. Not everyone who qualifies for an FSEOG might get one.
This is a new grant program that began in the 2006–07 award year for full-time undergraduate students enrolled in an Eligible Program,* who receive Federal Pell Grants and are U.S. citizens. Students also must have completed a rigorous secondary school program of study and be enrolled in at least a two-year academic program acceptable for full credit toward a bachelor’s degree or enrolled in a graduate degree program that includes three Academic Years* of undergraduate education.
- A rigorous secondary school program of study includes one of the following:
- Programs proposed by a state in response to the U.S. Department of Education’s request. See list at www.ed.gov/admins/finaid/about/ac-smart/state-programs06.html.
- An advanced or honors diploma program.
- A required set of courses similar to the State Scholars Initiative. This program of study includes four years of English, three years of mathematics (including Algebra I and higher-level courses such as Algebra II, Geometry, or Data Analysis and Statistics), three years of science (including at least one year each of two of the following: biology, chemistry or physics), three years of social studies, and one year of a foreign language other than English.
- Advanced Placement (AP) courses or International Baccalaureate (IB) courses.
- Completion of two or more AP courses and a score of 3 or better on at least two AP exams for the courses completed or completion of two or more IB courses and a score of 4 or better on at least two IB exams for the courses completed.
- First Academic Year* undergraduate students must:
- Be enrolled in an Eligible Program*;
- Have completed a rigorous secondary school program of study;
- Not have been previously enrolled as a Regular Student* in an undergraduate education program; and
- Have graduated from high school after Jan. 1, 2006. The award is up to $750 for first Academic Year* undergraduate students.
The award is up to $750 for first Academic Year* undergraduate students.
The award is up to $1,300 for second Academic Year* undergraduate students.
This is a new grant program for full-time undergraduate students who are enrolled in the third or fourth Academic Year* of an Eligible Program,* who receive Federal Pell Grants and are U.S. citizens. An Eligible Program* in the National SMART Grant is one that leads to a bachelor’s degree in an eligible major or a graduate degree program in an eligible major that includes at least three Academic Years of undergraduate education. The award is up to $4,000 for each of the third and fourth Academic Years.
- Students must:
- Be pursuing an eligible major in physical, life, or computer sciences, engineering, technology, mathematics or a critical-need foreign language; and
- Have at least a 3.0 cumulative GPA.
- The ACG is for undergraduate students who are enrolled in their first or second Academic Year* in 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 pursuing 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.
A school that offers at least one Eligible Program* and participates in the Federal Pell Grant Program must award grants to qualified applicants. The total amount of your EFC and financial aid, including either grant, cannot exceed the Cost of Attendance.*
Pell Grant
- PPell Grant award amounts can change yearly, but Pell Grant awards for the 2006-07 award year (July 1, 2006 to June 30, 2007) ranged from $400 to $4,050.
- How much grant aid you get depends on:
- 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 can:
- Credit your grant funds to your school account;
- Pay you directly (usually by check), or
- 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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