Every year, millions of students across the United States are faced with the daunting task of trying to figure out how to pay for college. With the rising cost of tuition, books, and other essential materials, affording higher education can be a serious challenge for some individuals. Fortunately, federal grants can provide financial assistance for those looking to pay for college.
These grants are available to students who demonstrate financial need and meet the eligibility requirements for the different programs. In this article, we are going to take a look at seven federal grants that can help to cover the cost of college.
1. Pell Grants
Pell Grants are one of the most popular sources of federal grant aid available to students. Every year, millions of students receive Pell Grants that help them pay for college. The amount of the grant is based on the student’s financial need and the cost of the college. Pell Grants are generally considered to be “gift aid” because they do not need to be paid back.
2. Federal Supplemental Educational Opportunity Grants (FSEOG)
The FSEOG program provides grants to undergraduate students who demonstrate exceptional financial need. Unlike Pell Grants, FSEOG is a limited fund; only students with the most significant financial need will qualify. The maximum amount for this type of grant is $4,000 each year.
3. Academic Competitiveness Grants (ACG)
The ACG program is a merit-based grant that provides up to $750 for first-year students, and up to $1,300 for second-year students. To qualify for the ACG, students must have participated in a rigorous academic program in high school, have a 3.0 GPA, be a US citizen and have completed their FAFSA.
4. Teacher Education Assistance for College and Higher Education (TEACH) Grants
The TEACH Grant program provides up to $4,000 annually to students who are pursuing a teacher certification program, such as an undergraduate or graduate degree in education. In exchange for the grant, students must commit to teaching in a high-need field or a low-income school after they graduate.
5. National Science and Mathematics Access to Retain Talent (SMART) Grants
The SMART Grant program provides up to $4,000 annually to college students who are studying in a math or science-related field. To be eligible, students must maintain a 3.0 GPA and be enrolled in certain eligible postsecondary institutions.
6. Iraq and Afghanistan Service Grants
The Iraq and Afghanistan Service Grants offer up to $5,500 annually to eligible students whose parent or guardian, a US military member, died from service in Iraq or Afghanistan post-September 11, 2001. Students must meet Pell Grant criteria and be under 24 by the award year’s end to qualify.
7. College Cost Reduction and Access Act (CCRAA) Grants
The College Cost Reduction and Access Act Grants offer up to $4,500 yearly to eligible students demonstrating financial need and enrolled at least half-time. Students need not repay this grant, but they must meet specific requirements and not possess a bachelor’s degree or higher.
Final Thoughts
Financial aid significantly helps with college expenses. Federal grants are a prime aid source, reducing students’ financial burdens. Students can receive up to $17,000 annually in grants for college tuition and expenses.
