by Jeremiah Smith

Created on: October 21, 2008

Although there are certainly areas where the government comes up short in terms of meeting people's expectations, one area in which it stands strong is the form of financial aid. For the college hopeful who doesn't have the resources to foot the bill for that degree, federal financial aid is able to help.

PELL GRANT

The most common form of assistance for college is the Pell Grant. Available to students who display a sufficient financial need, the Pell Grant is the groundwork of federal funding, as other grants may be combined with it. It never needs to be repaid and is normally designated for undergraduate students, although there are instances when it will be awarded to a graduate student.

TEACH GRANT

The newest of the grants, the TEACH grant began with the 2008-2009 school year. It is designated for students enrolled in educational fields, who also agree to teach in a field of high-need. The fields considered high-need are those of bilingual education, foreign language, mathematics and schools serving low income students. The recipient agrees to teach four academic years in the eight years following completion of the program. If this agreement is not fulfilled, the grant converts to a Federal Direct Unsubsidized Loan, with repayment coming after a six-month window.

FEDERAL SUPPLEMNTAL EDUCATIONAL OPPORTUNITY GRANT (FSEOG)

The FSEOG is an extension of the Pell Grant, and is available to students with exceptional financial need. It is awarded to students with the lowest expected financial assistance, and the recipient will receive between $100 and $4,000 a year.

ACADEMIC COMPETITIVENESS GRANT (ACG)

The ACG began in the 2006-2007 school year, and is only available to first or second-year college students. It awards $750 and $1,300 for the first and second years, respectively. There are high school curriculum requirements that need to be met to qualify for the ACG.

NATIONAL SMART GRANT

The National SMART grant is available to students in their third or fourth years of study, and can be up to $4,000. It is awarded to students in physical or life sciences, as well as technology, mathematics, computer sciences and any foreign language deemed critical to national security.

It is important to remember the grants may all be combined with the basic Pell Grant, and the student will not receive more than the actual costs to attend school. All money is paid through the school, and may be applied directly to school costs.

Learn more about this author, Jeremiah Smith.
Click here to send this author comments or questions.