Federal Grant Program for Education
The cost of education is quite expensive which is why some are discouraged from getting a degree. But before you give, see if you can get a scholarship, a loan or even a federal grant.
A federal grant for education like the Federal Pell Grant Program allows people who don’t have enough money an opportunity to post secondary education. If you get it, you can use it in one of the 5400 colleges across the country.
The amount that will be given from the grant depends on the student’s expected family contribution (EFC), the cost of attendance as determined by the institution, the student’s enrollment status whether this is full-time or part-time and if the student is able to attend for a full academic year or less. When you apply for a Federal Pell Grant, you cannot use it in more than one school at a time.
A formula is used to compute the EFC which the Department of Education follows and is established by Congress. The fundamental elements in the formula are the student’s income, the parent’s income and assets and the number family members.
To get the EFC, you add a percentage of net income and a percentage of net assets. It is only after the computation has been made that the committee will decide whether the student is eligible for the Federal Pell Grant.
In order to qualify for the program, you must be an enrolled in a participating school either on an undergraduate degree or a vocational course.
The money may be credited to the student’s school account or paid directly in the form of cash or check. Students must be paid at least one per term. If the school does not comply with this, they have to give it at least twice per academic year.
Is there enough money for the program? The answer is yes. Just last year, there was over $16 billion available which is a little over $2 billion than the previous year. Close to 6 million students were awarded with the program with an average of $2,945 being given to each student. This number is expected to increase by the end of this year.
Students who are eligible for the Federal Pell Grant may also avail of two other federal grants namely the Academic Competitiveness Grant or ACG and the National Science and Mathematics Access to Retain Talent Grant.
To qualify for the ACG, you must be a U.S. citizen or eligible noncitizen, enrolled at least half-time in a degree program; either a freshman or a sophomore in the academic year or enrolled in a certificate program for at least a year. You must also have a GPA of 3.0 on a 4.0 scale. The maximum amount you can get for your first year is $750 while $1,300 for the second academic year.
As for the National Science and Mathematics Access to Retain Talent Grant, this is only for students who are on their third, fourth or fifth year. You can get a maximum of $4,000 per year, be a U.S. citizen or eligible noncitizen and enrolled at least half time pursuing a degree in the sciences. To stay in the program, you must maintain a 3.0 GPA on a 4.0 scale.
There are federal grant programs for students. You just have to see if you qualify and then take it from there.
This article is provide by Tim Jacquet, SVP Apple Capital Group, Inc.