As with many individuals, the U.S. Pell Grant is often a choice for those who are attending school and receiving an undergraduate degree. While this is also a good choice for math teachers, it is especially valuable for those who already have degrees. Pell Grants are only for people who have never earned a bachelor's degree, unless the student is working on some type of teacher certification.
The Teacher Education Assistance for College and Higher Education (TEACH) grant is one of the newer grant programs available for those who intend to teach math after college. Unlike the Pell Grant, which has very few strings attached, those taking advantage of the TEACH program must commit to serving in a secondary school in a low-income area. This grant can provide up to $4,000 per year.
There are a number of scholarships available for people who are interested in getting into the teaching profession. Some schools may even offer scholarships specific to their own school for such students. However, there are some programs offered to a broader range of students. Among these are the Robert Noyce scholarship, which is available to math, science, technology and engineering teachers, and the Prospective Secondary Teacher Course Work Scholarships, available only to math teachers. Some scholarships are specific to each state, so check your local college's financial aid office to find out more information.
As far as grants are concerned, there is really no competition. Those who meet the qualifications should be able to take advantage of the grants. However, scholarships usually have more limited funding and therefore are awarded based on an evaluation of all candidates who apply. In such cases, math teachers may have better success at math-specific scholarships, rather than those for math and science disciplines, simply because there is likely to be less competition.
If the financial-aid benefit is in the form of a loan-forgiveness program, students should make sure they understand all of the terms associated with the program. Those who fail to meet the requirements will find they are required to repay their student loans, which may be a serious financial hardship for those who were planning to have those loans canceled through the loan-forgiveness program.