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The pell grant does not have to be paid and is available to undergraduate
students who do not have a bachelor's or professional degree. Pell Grants
are considered a foundation of federal financial aid, to which aid from
other federal and nonfederal sources might be added.
The maximum Pell Grant award for the 2009-10 award year (July 1, 2009
to June 30, 2010) is $5,350. The maximum amount can change each award
year and depends on program funding. The amount you get, though, will
depend not only on your financial need, but also on your costs to attend
school, your status as a full-time or part-time student, and your plans
to attend school for a full academic year or less.
Your school can apply Pell Grant funds to your school costs, pay you
directly (usually by check), or combine these methods. The school must
tell you in writing how much your award will be and how and when you'll
be paid. Schools must disburse funds at least once per term (semester,
trimester, or quarter). Schools that do not use semesters, trimesters,
or quarters must disburse funds at least twice per academic year.
EACH GRANT PROGRAM
Through the College Cost Reduction and Access Act of 2007, Congress created
the Teacher Education Assistance for College and Higher Education (TEACH)
Grant Program that provides grants of up to $4,000 per year to students
who intend to teach in a public or private elementary or secondary school
that serves students from low-income families. If, after reading all of
the information on this fact sheet, you are interested in learning more
about the TEACH Grant Program, you should contact the financial aid office
at the college where you will be enrolled.
In exchange for receiving a TEACH Grant, you must agree to serve as a
full-time teacher in a high-need field in a public or private elementary
or secondary school that serves low-income students (see below for more
information on high-need fields and schools serving low-income students).
As a recipient of a TEACH Grant, you must teach for at least four academic
years within eight calendar years of completing the program of study for
which you received a TEACH Grant. IMPORTANT: If you fail to complete this
service obligation, all amounts of TEACH Grants that you received will
be converted to a Federal Direct Unsubsidized Stafford Loan. You must
then repay this loan to the U.S. Department of Education. You will be
charged interest from the date the grant(s) was disbursed. Note: TEACH
Grant recipients will be given a 6-month grace period prior to entering
repayment if a TEACH Grant is converted to a Direct Unsubsidized Loan.
FSEOG Grant
The Federal Supplemental Educational Opportunity Grant (FSEOG) program
is for undergraduates with exceptional financial need. Pell Grant recipients
with the lowest expected family contributions (EFCs) will be considered
first for a FSEOG. Just like Pell Grants, the FSEOG does not have to be
repaid.
You can receive between $100 and $4,000 a year, depending on when you
apply, your financial need, the funding at the school you're attending,
and the policies of the financial aid office at your school.
If you're eligible, your school will credit your account, pay you directly
(usually by check), or combine these methods. Your school must pay you
at least once per term (semester, trimester, or quarter). Schools that
do not use semesters, trimesters, or quarters must disburse funds at least
twice per academic year.
ACG Grant
The Academic Competitiveness Grant was made available for the first time
for the 2006-2007 school year for first-year college students who graduated
from high school after January 1, 2006, and for second-year college students
who graduated from high school after January 1, 2005.
An Academic Competitiveness Grant provides $750 for the first year of
study and $1,300 for the second year. Note: The amount of the ACG, when
combined with a Pell Grant, may not exceed the student's cost of attendance.
In addition, if the number of eligible students is large enough that payment
of the full grant amounts would exceed the program appropriation in any
fiscal year, then the amount of the grant to each eligible student may
be ratably reduced.
National SMART Grant
The National Science and Mathematics Access to Retain Talent Grant, also
known as the National Smart Grant is available during the third and fourth
years of undergraduate study (or fifth year of a five-year program) to
at least half-time students who are eligible for the Federal Pell Grant
and who are majoring in physical, life, or computer sciences, mathematics,
technology, engineering or a critical foreign language; or non-major single
liberal arts programs. The student must also be enrolled in the courses
necessary to complete the degree program and to fulfill the requirements
of the intended eligible major in addition to maintaining a cumulative
grade point average (GPA) of at least 3.0 in course work required for
the major. The National SMART Grant award is in addition to the student's
Pell Grant award.
A National SMART Grant will provide up to $4,000 for each of the third
and fourth years of undergraduate study. The amount of the SMART Grant,
when combined with a Pell Grant, may not exceed the student's cost of
attendance. In addition, if the number of eligible students is large enough
that payment of the full grant amounts would exceed the program appropriation
in any fiscal year, then the amount of the grant to each eligible student
may be ratably reduced.
Source: Student Aid
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