The Pell Grant is designed to aid low-income students and is the basis for which most other federal aid may be added. For the 2010-11 school year the Pell Grant is worth up to $5,550, which does not have to be repaid. The amount may be reduced based on need, full- or part-time status or cost to attend school.
Prospective teachers are not required to demonstrate need to receive a TEACH Grant of up to $4,000 per year, but instead must agree to work in a low-income school in a high-need field such as mathematics, science or special education. Teachers must work for four years total within eight years after graduating, or the grant is converted into a Direct Unsubsidized Stafford Loan.
Students with exceptional financial need can receive between $100 and $4,000 per year from the FSEOG. The grant is awarded to students with the lowest incomes who have also received the Pell Grant, and like the Pell, it does not have to be repaid.
The ACG is for first-year students who graduated after Jan. 1, 2006, or second-year students who graduated after Jan. 1, 2005. Students who receive the grant must have completed a rigorous study program while in high school, such as an advanced honors program. Eligible first-year students can receive $750, while second-year students can receive $1,300.
The National SMART Grant is given to third- and fourth-year students studying physical, life or computer sciences, or those majoring in mathematics, technology, engineering or a critical foreign language. The grant awards as much as $4,000 to students who are enrolled at least half-time and have also received a Pell Grant. The student must also maintain at least a 3.0 grade point average.
Students whose parent or guardian died while fighting in the armed forces in Iraq or Afghanistan after Sept. 11, 2001, may be eligible to receive this grant. The student must be under 24 years old, enrolled at least half-time at the time of her parent’s death and be ineligible for the Pell Grant, though the grant award is equal to the maximum Pell Grant.