In today’s job market, a college degree is a necessity to making dynamic career goals a reality. But with college tuition costs on the rise, a college degree may not be accessible to everyone. As a result, the government has stepped in to assist potential students who may not otherwise be able to pay for college.
Federal Government Grants are free resources in the form of financial aid that is made available to minority students, students in specific areas of study, disadvantaged students and students who meet other specific criteria. In the case of the federal government, there are several grant programs.
Below is a list of government grants:
Congress created the TEACH Grant to provide future teachers in schools that serve low-income families the ability to receive up to $4,000 per year in financial aid. If you receive a TEACH Grant, you are agreeing to teach in a high-need field or a school that provides acedemic services to low-income students for at least 4 years, within 8 years of completing the program. Failing to complete this requirement will turn the grant into a loan which you will be required to repay. In order to be eligible for the grant a student must complete the application through FAFSA, be enrolled in a level of coursework that corresponds with the TEACH program, and meet academinc requirements necessary to continue receiving the grant. You must then sign the agreement to teach in a low-income school and complete that requirement upon graduation.
You can also obtain a Federal Pell Grant, which is usually given to undergraduate students. The maximum you can receive for the awarded year with the Pell Grant is $5,550, and the amount depends on your need and the costs of the school that you have chosen. You can receive up to 2 Pell Grants consecutively but you must be enrolled as at least a part time student to receive the grant.
Academic Competitiveness Grant
Another grant that is available through the Federal government is the Academic Competitiveness Grant; it is a fairly new grant, instituted in 2006. A student can receive $750 for their first year and up to $1,300 for the second year upon the requirements that the student is a Pell Grant recipient, be at least a part time student, is a first or second year student, and maintain a high standard of excellence throughout schooling.