US Federal Educational Grants
Educational grants are a good way to help support yourself through your education because they do not have to be paid back,
however their purpose is to assist less financially able students to get an education and there are only a finite number made available each year.
Overview Of The Federal Grants Program
The US Department of Education offers two main types of grants for higher education which do not have to be paid back by the student.
The grants are offered by the Department of Education. They are the Federal Pell Grant and the Federal Supplemental Educational Opportunity Grants (FSEOGs).
To apply, the student must complete the Free Application for Federal Student Aid form, otherwise known as FAFSA. Pell and FSEOG pplications are available after January 1 each year.
These grants are awarded based on the student's financial need. The Department of Education uses a standard formula that evaluates the information given on the FAFSA.
In general, students with lower than expected family contribution figures may qualify for the grants.
Students are notified if they may qualify in their Student Aid Report (SAR), returned by the Department of Education.
The exact award amounts are determined by the financial aid office. The financial aid award letter will state the exact amount of the grants awarded (if you are successful).
Read our College Student Loans page before you apply for the FAFSA
The Federal Pell Grant
The Federal Pell Grant is awarded only to undergraduate students who have not previously earned a bachelor's degree or a professional degree.
This means any student who is going to school for a second time to earn a bachelor's degree, or going to graduate, law, dental, or medical school is not eligible for the Pell Grant.
Students will be notified if they may be eligible for the Pell Grant on their Student Aid Report, SAR. The SAR is returned to the student approximately 2-4 weeks after the FAFSA is received by the Department of Education.
Students with lower expected family contribution figures will most likely qualify.
The exact award that a student may receive is given by the financial aid office. Depending upon the funding of the Pell Grant Program, when the student submitted their FAFSA and their EFC, awards can vary.
The maximum award amount in the 2002-2003 Academic Year is $3,300.
Students may receive an award amount up to $3,300 for any given academic year. Students may only receive one Pell Grant in any given academic year.
The funds for the Grant can be sent to the school directly, to the student, or a combination of these. Funds sent directly to the school will be credited to the student's account.
The financial aid award letter should notify the student how and when the Pell Grant payment will be received.
Students who attend school full-time, part-time and less than part-time may be eligible to receive a full or partial Pell Grant.
Awards are usually prorated according to the enrollment status of the student.
Most students are NOT eligible for a government grant,
in this instance the Stafford Loan
or PLUS Loan is the next best thing.
The Federal Supplemental Educational Opportunity Grants (FSEOGs)
The Federal Supplemental Educational Opportunity Grants (FSEOGs) are available for undergraduate students with exceptional financial need.
FSEOGs are administered by the Department of Education under their campus-based programs. This means that the awards are given directly by the financial aid offices.
To receive as FSEOG, the school must participate in the campus-based program.
Students with a low expected family contribution figure and who qualify for the Pell Grant have the greatest opportunity to receive as FSEOG.
Like any grant, FSEOGs do not have to be paid back.
There is a difference between the Pell Grant and as FSEOG. With Pell Grants, the award amounts are guaranteed by the Department of Education for every student that qualifies.
FSEOGs are not guaranteed awards. They are distributed by the financial aid office based on the amount of funds available under the program.
Basically, students with the most financial need qualify first, on a first come, first serve basis.
FSEOG award amounts range from $100 to $4,000 per academic year. A student's award amount is determined by when the student submitted his FAFSA,
the student's level of financial need, the amount of funding the school has to distribute, and the financial aid office's policies.
The award amounts will be given to students in their financial aid award letters sent by their school.
If a student receives an FSEOG, the award will be paid directly to the student's account, or to the student.
As with all financial aid awards, students can discuss specific payment options with their financial aid office.
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