Federal Grants Overview: Helping Students Fill the Financial Gap
In recent years the U.S. Department of Education has awarded close to $100 billion annually of financial aid in the form of grants, work-study and subsidized loans. Federal student grants have accounted for nearly 20 percent of that money. Most students receive some kind of financial aid and some even receive payments that cover all the costs of their education. For those with significant financial need, federal education grants are a fundamental part of meeting that need. Unlike loans, grants do not need to be repaid.
The U.S. Government provides the following financial aid grants:
Pell Grant
The Pell Grant is the largest grant program, serving more than five million students annually. It is a general grant that is considered the foundation upon which other federal and non-federal aid may be added to meet a student’s financial need.
BrainTrack's Pell Grant article details how it works and how students can apply.
FSEOG
FSEOG stands for The Federal Supplemental Educational Opportunity Grant and is intended to provide supplemental aid for those undergraduate students least able to afford college costs.
For more about FSEOG, read the FSEOG article.
Academic Competitiveness Grant (ACG) and National SMART Grant
These relatively new grants were created to encourage more students to pursue majors in math, science, technology, engineering and critical foreign languages. Recipients must also qualify for a Pell grant and meet rigorous academic requirements.
More details on these grants can be found in the ACG and SMART article.
TEACH Grant
TEACH stands for Teacher Education Assistance for College and Higher Education and is a grant for students who plan to teach in a high-need field and in a school that serves low-income children. There is no financial-need requirement to receive this grant.
BrainTrack's TEACH article provides more information.
Federal Grant Tips
Federal Grants start with FAFSA – All of these Federal grants can only be applied for by first completing the Free Application for Federal Student Aid (FAFSA).
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