Low-Income Grants for College
College tuition costs thousands of dollars each semester. For low-income families, it can be especially difficult to pay for higher education. Federal and state government agencies, as well as private banks and other organizations, offer loans to help students pay for their degrees, but those require repayments that can take years or decades. One way to avoid that is through grants, which do not require repayment. The U.S. Department of Education offers programs such as Pell Grants that help low-income students afford school.
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Pell Grants
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The U.S. Department of Education in 2010 budgeted about $32.3 billion for the Federal Pell Grant Program. The department awards grants to universities, which then give the money to students. The amounts students received are based on a formula that uses FAFSA information to determine how much assistance students need and how much their families can contribute to their tuition. Individual grants in 2010 ranged between $555 to $5,550; the average award was $3,865. About 5,400 higher education institutions participate in the program.
Pell Supplements
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Students who cannot pay all of their college costs with Pell Grants can receive more money through the Department of Education's Federal Supplemental Education Opportunity Grants program. The department, like with Pell Grants, awards money to institutions of higher education to then award to their students. FSEOGs can be as high as $4,000; the average new award in 2010 was $736. About 4,000 schools participate in the program.
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Academic Competitiveness Grants
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Students who receive Pell Grants can receive another $750 for their first year of college and $1,300 for their second year through the Academic Competitiveness Grant program. Students must maintain a 3.0 grade-point average on a 4.0 scale. Recipients must participate in at least one "rigorous" secondary education program to be eligible. The Department of Education maintains a list of qualifying programs. The amount of ACG funding students receive, combined with Pell Grants, cannot exceed the total cost of attending school.
SMART Grants
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Students who receive Academic Competitiveness Grants, which expire after sophomore years in college, could also receive National Science and Mathematics Access to Retain Talent Grants during their junior and senior years. Like with the ACG, students eligible for Pell Grants with at least a 3.0 GPA can receive SMART Grants. But unlike with ACG, students do not need to receive Pell Grant, nor do they need to receive ACG funding. SMART Grants are worth $4,000 for third and fourth years of school, as well as fifth year for five-year programs. The Department of Education maintains a list of eligible academic programs.
College Assistance Migrant Program
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Institutions of Higher Education can receive as much as $425,000 to help students from migrant families make it through their first years as undergraduates. The College Assistance Migrant Program uses Department of Education grants to allow universities to offer financial aid stipends, housing assistance, tutoring and other services. The department awards roughly $15 million every year. The maximum amount is $425,000 except with the approval for more from the Assistant Secretary of Elementary and Secondary Education.
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References
- U.S. Department of Education: Federal Pell Grant Program
- U.S. Department of Education Federal Student Aid: Academic Competitiveness and National SMART Grant
- U.S. Department of Education: Federal Supplemental Educational Opportunity Grant (FSEOG) Program
- U.S. Department of Education: Migrant Education --- College Assistance Migrant Program
Resources
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