BROWSE WAYS TO PAY FOR YOUR EDUCATION

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Grants

Federal grants are available for undergraduate students with a substantial financial need. The amount of money awarded ranges dependent on which grants you qualify for. Receipt of aid is based on your need, which is determined by filling out an application known as the free application for federal student aid – or “FAFSA.” This application will require your tax information, and, in some cases, that of your guardian or spouse.

Federal Pell Grants

Federal Pell Grants are the largest source of “gift aid” awarded to undergraduate students and are based on financial need. How much you get depends on your Expected Family Contribution, your cost of attendance, whether you’re a full-time or part-time student, and whether you attend school for a full academic year or less. You may receive only one Pell Grant in an award year, and you may not receive Pell Grant funds from more than one school at a time.

  • Generally, Pell Grants are awarded only to undergraduate students who have not earned a bachelor’s or professional degree.
  • Maximum $5,350 annually for 2009-2010 school year

Federal Supplemental Educational Opportunity Grants (FSEOG)

FSEOG awards are given to undergraduate students demonstrating exceptional financial need.Federal Pell Grant recipients receive priority for FSEOG awards. You can receive between $100 and $4,000 a year, depending on when you apply, your financial need, the funding level of the school you are attending, and the policies of your school’s financial aid office.

  • Maximum $4000 annually, but average tends to be $1000
  • Available to extremely needy undergraduates only and is normally given in addition to Pell Grant
  • School determines eligibility (campus-based aid program)

Academic Competitiveness Grant (ACG)

  • 1st year up to $750; 2nd year up to $1300
  • Must be eligible to receive the Pell Grant
  • 1st year recipients must have graduated high school after January 1, 2006, be in their first year of a degree program, and have completed a “rigorous secondary school program of study.”
  • 2nd year recipients must have graduated high school after January 1, 2005, be in their second year of a degree program, have at least a 3.0 cumulative GPA, an have completed a “rigorous secondary school program of study.”
  • For more information about what counts as a “rigorous secondary school program of study,
  • visit http:// www.ed.gov/admins/finaid/about/ac-smart/state-programs.html

National Science and Mathematics Access to Retain Talent (SMART) Grant

  • Maximum $4000 annually
  • Must be eligible to receive the Pell Grant
  • Must maintain at least a 3.0 cumulative GPA
  • Must be a third- or fourth-year student enrolled in specified math or science degree programs
  • For more information on eligible fields of study, visit
  • http://www.ifap.ed.gov/dpcletters/GEN0809.html

Teacher Education Assistance for College and Higher Education (TEACH) Grant

  • Maximum $4000 annually, Graduate program amount must not exceed $8000
  • Must enter into an agreement to teach for four years (within eight years of completing college) at an elementary or secondary school serving children who are low-income and is a designated teacher shortage area
  • Does not have to be paid back unless student does not fulfill the agreement

Additional Grant Resources

Grants.gov

Grants.gov allows individuals and organizations to electronically find and apply for more than $400 billion in Federal grants and fellowships. Grants.gov is the single access point for over 1,000 grant programs offered by all Federal grant making agencies.http://www.grants.gov

GovBenefits.gov

GovBenefits.gov is the official benefits website of the U.S. Government. The site includes information on grants given by the government http://.www.Govbenefits.gov

Student Aid on the Web

This site, which is administered by the U.S. Department of Education offers extensive information on options that are available to help you fund your college education. It also includes information on filling of the FAFSA.

For more information about applying for federal grants, speak to your school’s financial aid office or view the U.S. Department of Education’s Financial Aid Resource Publication. http://studentaid.ed.gov

DISCLAIMER: Please note that the information provided herein is intended as a general summary of education-related tax benefits and financial aid only. To determine your eligibility for any of these benefits or programs, please consult with a tax advisor, the IRS, the HR department of your company, or your state higher education agency.