Federal student grants put millions of people through school each year. From start to finish, some students completely eradicate the necessity to pay for a single tuition bill. Some pay only half their bill, while others receive compensation for books, room and board.
Federal student aid is singlehandedly the best source for college funding. Student grants given to college students from the Federal government are non-taxable, readily available, and often make up a very generous portion of total college expenditures. Here are just a few of the federal student grants available to America’s college students:
Pell Grants – Pell grants are given to students who meet certain income thresholds for the amount of their total income, as well as the wealth of their immediate family. A Pell Grant is awarded to students who have financial need, and are considered to be on the lower income end of the spectrum. Additionally, total net worth calculations come into effect as the student and his or her family’s assets will be used in a calculation to determine the amount each can afford to pay toward education costs.
Federal Supplemental Educational Opportunity Grant (FSEOG) – FSEOG programs also provide students with the opportunity to receive federal student grants for mere income classifications. More stringent in its requirements than the Pell Grant, everyone who completes the Free Application for Federal Student Aid will also be enrolled in the FSEOG program along with the Pell Grant program.
Academic Competitiveness Grant (ACG) – The Academic Competitiveness Grant is not directly related to financial need, and is one of the largest yet easiest to receive grants of all the federal student grants available. To receive the ACG, students must have completed high school with a 3.0 GPA or better on a 4.0 scale and continue to receive high marks for the first two years of their college studies. While in college, the amount of the ACG equals a total of $2,050; $750 is paid to the student in the first year while the second year’s award is worth $1300. Students who dedicate themselves to their studies should have no problem receiving this award, and it can be obtained by filling out the FAFSA and attending college at any American institution.
SMART Grant – In order to promote the technical studies including foreign languages, engineering, technology, and sciences like chemistry, math or physics, the federal government provides the SMART Grant. Given to those who are also Pell Grant eligible, the SMART Grant tallies up to a whopping $4,000 for both the third and fourth years of college study. While the SMART Grant will not be paid out over and beyond the estimated college costs for each student, it does provide a very valuable service in covering up to 100% of the remaining costs exceeding other Pell Grant awards.
TEACH Grants – The TEACH Grant is a grant awarded to college students who intend on becoming school teachers following graduation. The Grant affords up to $4,000 per year in cash to reduce the cost of schooling for educators. The requirements include maintaining a GPA in the top 25% of your class (or 3.25 GPA, depending on the school) and a promise to become a teacher after graduation. Because the benefits are so large, the government requires that those who do not become teachers to pay back the award with interest as if it were a Stafford loan. Those who do eventually teach at least 4 years out of the 8 years following graduation will get to keep their grant payments, and do not have to pay back any of the money granted to them for college.