Federal Assistance - Federal Government Free Grant Money To Pay For College
"Federal Assistance - Federal Government Free Grant Money To Pay For College" submitted by SchoolGrantsfor Editorial Team and last updated on Monday 9th January 2012
Money provided to the student and the family to help them pay for the student's education. Major forms of financial aid include gift aid (grants and scholarships) and self-help aid (loans and work). Grants are Financial aid awards that do not have to be repaid. Grants are available through the federal government, state agencies, colleges, and private sources. Federal financial aid comes in three forms: grants, work and loans.
Federal Pell Grant
- Available to the neediest students only
- Up to $4,050 annually
- Based on EFC
Federal Supplemental Education Opportunity Grant (FSEOG)
Granted to qualifying full and part time students based on each school’s eligibility criteria; ranging from $100 to $4,000* per year; not available on all campuses Amounts are subject to change. Check with your financial aid administrator for current amounts.
- Available to extremely needy undergraduates only
- Up to $4,000 annually
- Average award tends to be $1,000
- Based on EFC and, generally must be Pell eligible
- School determines eligibility (campus-based aid program)
Know more about FSEOG.
Offered for academics, sports and special skills—are applied to schooling costs. To find out what’s available to you look: Scholarships as financial aid
Gifts From Family and Friends
You may be lucky enough to have family members or close friends who have expressed an interest in contributing to your college fund. A contribution of as little as $20 per week from Great Aunt Sarah or Grandpa Ned can go a long way toward reducing your financial needs. Just remember to express your appreciation with a thank-you note or phone call.
If your Expected Family Contribution (EFC) to your education is less than the actual cost of attendance, you are deemed to have a financial need. But to be eligible for financial aid, you must also meet the following requirements:
- Have a high school diploma, GED, or passing grade on an independently administered test approved by the U.S. Department of Education
- Be enrolled in an eligible curriculum at an approved college, vocational school or correspondence program
- Meet satisfactory academic progress as defined by your school
- Be a U.S. citizen or eligible non-citizen
- Complete the required forms
Federal Government Free Grant Money To Pay For College
|AWARD AMOUNT||HOW TO APPLY:||ELIGIBILITY IS BASED ON:|
|Federal Pell Grant||From $976 to $5,350 a year (award amounts for 2009-10)||FAFSA||Your EFC and COA
Whether attending full or part time
Must not already have a bachelor’s degree*
|Federal Academic Competitiveness Grant (ACG)||Up to $750 for first-year students, up to $1,300 for second-year students||FAFSA||Receiving a Pell Grant
Successfully completing a rigorous high school program At least half-time attendance
3.0 cumulative college GPA (for college sophomores)
|Federal Supplemental Educational Opportunity Grant (FSEOG)||From $100 to $4,000 a year (funds are limited and there’s no guarantee you’ll receive one)||FAFSA||Your EFC and your financial need
Whether attending full or part time
Priority given to Pell Grant recipients with the lowest EFCs
|National SMART Grant||Up to $4,000 for third- and fourth-year students||FAFSA||Receiving a Pell Grant
Majoring in physical, life or computer sciences, technology, math or engineering, or certain foreign languages
Must have at least a 3.0 cumulative college GPA in the courses for your program
Must be enrolled in at least one course required for your major
|Federal TEACH Grants||Up to $4,000 a year||FAFSA||Must sign an agreement to serve as a paid full-time teacher in a high-need field serving low-income students Must agree to teach at least four academic years within eight years of completing your program of study
If you fail to complete your obligation, grant converts to an unsubsidized Stafford loan you must repay
Must be enrolled in, or plan to complete, coursework to begin a teaching career
Must maintain a cumulative GPA of at least 3.25
|Robert C. Byrd Honors Scholarship Contact your state’s higher education agency. Find it at www.ed.gov/programs/iduesbyrd/state-contacts.html||$1,500 a year for up to four years||@ Each high school can nominate two graduating seniors @ Individual school deadlines vary @ Applications available from your state’s higher education agency||Academically outstanding high school seniors who show promise of continued achievement in college
Can be used at any accredited college nationwide
Federal Work Study
- Available to students with need
- Average award is $1,600 but can be more
- Earnings excluded from Student Contribution portion of EFC
- Can participate in Community Service positions off-campus depending upon availability.
- Award is paid directly to the student as a paycheck
Once you have examined—and exhausted —your “free money” and employment options, it’s time to consider loan programs. Loans must be repaid with interest, which will begin to accrue either at the time you receive the money or six months after you graduate or cease to be enrolled in school at least half time.
Low Interest Rates
Interest rates on student loans are typically lower than those involving other types of credit. Clearly, you’ll pay less interest funding your textbooks with a student loan than you would if you paid by credit card.
- Subsidized - government pays interest for you
- Unsubsidized - you pay the interest or defer interest until graduation/cessation of attendance.
- Variable interest rate capped at 8.25%
- Up to 25 years to repay
- Available to Undergraduate and Graduate Students
- Range from $2,625 to $18,500 depending upon grade level/dependency status
- Available to needy undergraduate and graduate students
- Maximum award is $3,000
- Average award is $1,000
- School determines eligibility (campus-based aid program)
- 5% fixed interest rate
- No interest charged while enrolled at least half time
- Payment begins 9 months after graduation or cessation of enrollment on at least a half time basis
- Available to parents of undergraduate students
- Variable interest rate capped at 9.00%
- Payment begins after first or second disbursement depending on lender
- Up to 10 years to repay
- Borrow up to Cost of Attendance minus financial aid including other loans
- Must be creditworthy
In all cases, your school's financial aid office will determine your eligibility for the above sources of assistance. However, you are free to select your lender (except for schools that participate in Direct Lending)
The Department of Education has more information on programs available to students. I strongly encourage you to visit: The U.S. Department of Education
6 other ways to pay for college
1. Private scholarships
Ask your high school counselor and use the free scholarship directories and search engines on the Web to look for scholarships. See “Scholarships” on the back cover.
Taking the Preliminary SAT/National Merit Scholarship Qualifying Test in the fall of your junior year will enter you in the competition for a National Merit Scholarship. See your high school counselor to learn more or go to www.nationalmerit.org.
3. Volunteer service
By becoming a volunteer with one of the AmeriCorps programs, you can earn up to $4,725 a year for college. Learn more at www.americorps.gov.
Look into starting at a community college. You could save thousands of dollars in tuition and get your general education requirements behind you.
5. The military
Learn about the education benefits at www.todaysmilitary.com. If you’re a veteran, check out www.gibill.va.gov.
6. Part-time work
A part-time, summer or holiday job can also help.
Finding Free Money
Before you apply for a loan to fund your education, it’s smart to explore other possibilities that don’t require payment. These include grants, scholarships and gifts from family and friends.
Federal Student Aid, an office of the U.S. Department of Education, plays a central and essential role in the nation’s postsecondary education community. Worried about the application process? Don’t be. This year the online application is shorter and simpler. You will view and answer questions that apply only to your situation. The Financial aid administrator (FAA) is a college or university employee who is involved in the administration of financial aid. Some schools call FAAs "Financial Aid Advisors" or "Financial Aid Counselors". Federal Student Aid office of the U.S. Department of Education will help you online, on the phone, or in person and and help manage the student's funding once a financial aid package is approved. FAAs work for educational institutions. They also have access to a centralized source of information and financial aid guidance concerning programs, processes, and resources. Your College Financial aid office (FAO) is dedicated to provide you with useful information about financial aid programs offered through college or university and the process to apply for and receive funding by providing the most comprehensive financial assistance possible to current and perspective students. Check the services available to you upon request. If you ever have any questions, you can always call our toll-free number 1-800-4-FED-AID (1-800-433-3243) or visit our Web site at www.FederalStudentAid.ed.gov.
- Different Types of Student Loans or Grants After You Graduate
- Federal Stafford Loans and Grants
- Differences between Direct lending and the FFEL Program related to default prevention
- Federal Loan Limits For Dependent and Independent Student
- Dependent vs. Independent Student? Determine Dependency Status For Federal Student Aid
- Federal Student Loans vs. Private Loans
- Before you search for the best student loan
- Stafford Loan Limits