Federal Grants for Individuals

Federal grants for individuals are given every single year. The requirements for eligibility are different and amounts are given based on financial need.

In order to receive federal grants for individuals a Free Application for Student Aid (FAFSA) needs to be filled out. This requires information from a variety of personal and financial records such as your Social Security Card, driver’s license, bank account, or birth certificate.

Your entire financial worth and income along with the amount that could be contributed by your family is also analyzed. The varying costs of attending school (i.e. tuition, fees, books, room and board) are also figured in.

Types of Grants

The types of federal grants for individuals include the following:

Federal Pell Grant-This is awarded to students who demonstrate financial need. This money does not have to be paid back as long as the person stays in school for the semester. The maximum amount to receive as of June 30, 2011 is $5, 550.

TEACH Grant-This is given to a student who wants to teach in a public or private elementary school in a low income neighborhood. The maximum amount received is up to $4,000 a year. The money does not have to be paid back as long as the student teaches four years out of an eight year period in designated at risk locations.

Federal Supplemental Educational Opportunity (FSEOG)-This is another grant that does not have to be repaid. It is given to people who have exceptional financial need. The amount received is between $100 and $4,000 per year. It is dispersed according to university guidelines.

The Academic Competitiveness Grant (ACG)-If you are a very ambitious student who can handle the heat this money may be awarded to you. It is awarded to first and second year college students who demonstrate exceptional academic achievement. During the first year a student can receive $750.00 and during the second year the student can receive $1,300.

National SMART Grant-A student can receive this grant during the third and fourth years of study. The amount earned along with any Pell Grant money received is meant to cover the total cost of school attendance and no more.

Additional institutional grants-Colleges offer these to eligible students to help make up the difference between college costs and family contribution. However, not all of them are based on financial need. Some scholarships provided by schools are given based on merit and achievement.

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