The Federal Pell Grant program is designed specifically to promote the access to higher learning by providing low income undergraduate students with government grants that do not have to be repaid. The grant is also available to certain graduate students to assist them in continuing their education. Students may use the grant at more than 5,400 approved institutions, and funding is available once per academic semester.
In order to qualify for the Federal Pell Grant, students must be pursuing their first Bachelor's degree or an approved graduate degree. A standard formula provided by the Department of Education is used to determine the level of need each student has, taking a number of factors into consideration, including the income and assets of students and their parents, the household size of the family, the number of students in the family currently attending college and the family's expected contribution. Funds are dispersed directly to the college of choice, and any additional funds remaining after tuition costs are released to the student.
Offered through the U.S. Department of Education, the Federal Supplemental Educational Opportunity Grant is available for use by low income students attending one of 4,000 approved secondary schools. University financial aid administrators have flexibility in determining the amount of funding to award current and upcoming students. Priority is given to applicants with the most exceptional need, usually those who have the lowest expected family contribution amounts.
In determining eligibility for the Federal Supplemental Educational Opportunity Grant, a formula designed by Congress takes into account the family household size and number of students attending college, along with the assets and income of both the student and their parents. These figures are provided to the school, which then determines the amount dispersed per student. In addition, schools must provide 25 percent of the funding.
In 2006, the U.S. Department of Education created two new grant programs in order to meet and promote the increasing need for math and science professionals: the Academic Competitiveness and National SMART Grants. The grants work in conjunction with one another, with the Academic Competitiveness Grant available to students in the first two years of undergraduate study, followed by the National SMART Grant available in the third and fourth years of study.
The Academic Competitiveness and National SMART Grants are not awarded based on financial need. Instead, they are both awarded to students who are majoring in a field considered to be in high demand with regard to the global economy, including science, math, technology, engineering or critical foreign languages. Students must meet specific educational requirements, including three years in mathematics and science courses combined with four years of English studies before graduating high school. In addition, students must also enroll in a rigorous degree program approved by the Department of Education.