Government-funded scholarships are available for underprivileged students to help cover the cost of college tuition. The Federal Pell Grant is the most common and is based on financial need, while other grants have specific eligibility criteria such as academic requirements. The grants include the Federal Supplemental Educational Opportunity Grant, Academic Competitiveness Scholarship, National SMART Grant, and TEACH Grant.
College tuition is too expensive for many students to manage on their own, but there are many government-funded scholarships available for underprivileged students. Unlike student loans, scholarships do not have to be repaid. Each grant type has specific eligibility criteria. Some scholarships are based on financial aid only and others have academic requirements. There are a few different types of grants.
Federal Pell Grant
In the world of scholarships, the Federal Pell Grant is the most common. This grant is entirely based on financial need. All students from an accredited college or university who do not already have a bachelor’s degree are eligible. The allowance offered is equivalent to the number of credit hours a student has enrolled each semester, up to the amount of need. To apply for the Federal Pell Grant, students and parents must complete a Free Application for Federal Student Aid (FAFSA). In the 2009-2010 academic year, the maximum allowance is $5,350 USD (USD).
Federal Supplemental Educational Opportunity Grant (FSEOG)
The FSEOG is offered to students with the greatest financial need. Students are not automatically eligible as with the Federal Pell Grant. The amount offered is based on financial need as well as available funding and financial aid policies at individual schools. As FSEOG funds are limited, it is likely that those who apply first will receive this grant. In the 2008-2009 school year, amounts offered are between $100 and $4,000.
Academic Competitiveness Scholarship (ACG)
The ACG is available to freshmen and sophomores who are also receiving a Federal Pell Grant. This grant falls under the category of academic grant. Freshmen students must have completed a high school program after January 1, 2006. Sophomore students must have completed a high school program after January 1, 2005 and have maintained a grade point average of at least 3, 0 on a 4.0 scale in the first year of university study. In the 2008-2009 school year, first-year students can receive up to $750 and sophomores can receive up to $1,300.
National Access to Science and Mathematics for Talent Retention (National SMART Grant)
The National SMART Grant is offered to third and fourth year students who specialize in specific subjects. Students must be eligible for a Pell Grant as well as maintain a 3.0 grade point average. In the 2008-2009 school year, the maximum grant is $4,000.
Teacher Training Assistance for University and Higher Education Scholarships (TEACH)
The TEACH Grant is available to undergraduate and graduate students enrolled in courses that will lead to teaching positions in primary and secondary schools. Recipients must sign a contract to teach for four years at a school in a teacher shortage area that serves low-income families. In the 2008-2009 school year, the maximum grant is $4,000.
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