Pell grants are the most common and basic federal grants. Any student with a qualifying Expected Family Contribution (currently between $0 and $5,273) can receive up to $5,550 (in the 2010-2011 school year). To apply, students should complete the Free Application for Federal Student Aid (FAFSA) at Fafsa.ed.gov. Have last year's tax returns and your FAFSA PIN available.
Five other types of specialized federal grants offer students entering certain professions or needing further funding for college. The Federal Supplemental Educational Opportunity Grant (FSEOG) program offers grants to low-income students in one of 4,000 participating universities. TEACH grants offer students in elementary or secondary education programs free funding if they agree to teach in rural or inner city areas for four years after graduation. Academic Competitiveness Grants (ACG) are available to students enrolled in a "rigorous program of study" in high school. The National SMART grant offers aid to third and fourth year students earning their bachelors in math, science, engineering and some foreign language programs. Beginning in July 2010, the Iraq and Afghanistan Service Grants offer funding to recent war veterans.
Most institutions offering financial aid will have their own grants with varying eligibility requirements. Some are as simple as financial need while other eligibility requirements can include academic performance and community service. Call the financial aid office of the institutions to which you apply to determine their policies and grant availability. Often helpful financial aid officers turn students to grant and aid programs that fit their past accomplishments and future goals.