This grant is awarded to distance learning students with financial need who are working towards receiving their bachelor's degree. The maximum amount a student can receive in one year is $5,350 although this amount can vary based on the cost of attendance at your school and your personal financial situation. There is no repayment required by students for the Pell Grant, which is why all distance learning students should at least apply for it by completing the Free Application for Federal Student Aid (FAFSA).
Recent high school graduates may qualify for an Academic Competitiveness Grant if they completed a rigorous program of study while in high school and have financial need. Students can receive the grant, which varies from $750 to $1,300, for two years as long as they achieve a 3.0 grade point average in their college coursework.
Distance learning students pursuing a degree in science, mathematics, engineering or a similar degree field may qualify for the National Science and Mathematics Access to Retain Talent Grant (National SMART Grant). It can provide up to $4,000 per year for juniors, seniors and fifth-year students with a 3.0 GPA or better.
Future teachers can receive financial assistance for college through the Teacher Education Assistance for College and Higher Education (TEACH) Grant. The maximum amount of this award per year is $4,000, and it is given to students preparing to be a teacher in a high-need field serving low-income students. This grant doesn't have to be repaid unless students fail to meet the four-year teaching commitment for low-income students, at which point the grant becomes a loan.
Students that don't qualify for a Federal Perkins Loan may qualify for a subsidized loan to assist them in paying for school. These loans are funded by the U.S. government or private lenders who provide funds which are guaranteed by the federal government. Although subsidized loans acquire interest while a student is in school, the government pays the interest on these loans until a student graduates or is no longer enrolled. Students awarded subsidized loans may receive between $3,500 and $8,500 depending upon their year in school.
Distance learning students may not qualify for need-based financial aid in the form of grants or low-interest loans. However, financial assistance is still available to them if they choose to take out unsubsidized loans as a student. These loans differ from subsidized loans since recipients are responsible for paying the interest that accumulates while they are in school.