Applying for Federal Grants for College

Securing a college education brings with it myriad opportunities, from an expanded job market to increased earning potential.

However, attending college also can result in a mountain of debt for the student.

Fortunately, there are many ways in which students can obtain financial assistance for college, one of which is through a federal grant. Unlike student loans, federal grants do not need to be repaid following graduation.

Federal Student Aid

All federal grants for postsecondary education are administered by the Federal Student Aid office within the U.S. Department of Education.

Federal Student Aid's mission is to ensure that all eligible individuals benefit from federal financial assistance for education beyond high school. This assistance can take multiple forms, including grants, loans and work-study programs. Additionally, financial aid is not limited to only those students attending a college or university - students enrolled in a trade school or community college also can apply for federal student aid.

Every year, millions of students take advantages of Federal Student Aid's services - in fact, approximately $100 billion in aid was provided to close to 10 million postsecondary students and their families.

Types of Federal Grant Programs

There are several types of federal student aid programs for which students can apply:

• Federal Pell Grant: This federal grant is available almost exclusively to undergraduate students and is considered a foundation of federal financial aid to which aid from other federal and nonfederal sources can be added.

• Federal Supplemental Educational Opportunity Grant (FSEOG): This federal grant is available to undergraduate students with exceptional financial need.

• Academic Competitiveness Grant (ACG): This federal grant is available to those student eligible for the Federal Pell Grant who are enrolled at least half-time in their first or second year of study or at least one year in a certificate program at a degree-granting school.
  
  For students in their first year, they must have completed a rigorous secondary school program of student; graduated from high school after January 1, 2006; and not have been enrolled in an ACG-eligible program while at or below the age of compulsory school attendance.
  
  For students in their second year, they must have completed a rigorous secondary school program of study; graduated from high school after January 1, 2005; have earned at least a 3.0 cumulative GPA by the end of their first year of postsecondary study.

• National Science and Mathematics Access to Retain Talent (SMART) Grant: This federal grant is available to those students eligible for the Federal Pell Grant who are enrolled at least half-time in their third or fourth year, majoring in certain science or math subject areas and have earned a 3.0 cumulative GPA or better.

• Teacher Education Assistance for College and Higher Education (TEACH) Grant: This federal is available to undergraduate, postbaccalaureate and graduate students who are taking course work necessary to becoming an elementary or secondary teacher.
  
  Recipients of this grant must sign an Agreement to Serve, stating that they will teach full-time at an elementary or secondary school that serves children from low-income families and is located in a designated area with a teacher shortage. Recipients who fail to comply with this service obligation are required to repay the grant as a Direct Unsubsidized Loan.