The Pell grant is available to undergraduates who have not yet received a bachelor's degree, and student parents are good candidates for this form of aid. To apply for the Pell or any other federal grant, fill out a Free Application for Federal Student Aid (FAFSA). The maximum amount of a Pell grant changes every year. As of 2013, the maximum amount a student could be awarded was $5,500. According to the U.S. Department of Education, the actual amount a student will receive depends on the cost of attendance at the institution, financial need, status as a full- or part-time student, and whether the student plans to attend school for a full academic year.
Pell grants are paid directly to the student's school, and the institution decides how the funds will be distributed. Students who are incarcerated in a federal or state prison are ineligible for a Pell grant.
College students with children may qualify for the Federal Supplemental Educational Opportunity Grant (FSEOG) if they are undergraduates who, according to the Federal Student Aid Office, demonstrate that they have an “exceptional need.” The FSEOG is awarded to students who receive a Pell grant first. The amount that a student receives can range from $100 to $4,000 per year.
The determining factors for receiving an FSEOG include financial need, the amount of money the school has available, and the amount of other financial aid the student may be receiving.
The Academic Competitive Grant (ACG), first distributed in 2006, is one of the newest federal grants available to college students, including those with children. Since its inception, the ACG has been able to help thousands of students with defraying college costs. College parents who want to receive the ACG must be U.S. citizens and graduate high school with a minimum grade-point average of 3.0 and have completed a rigorous course of study that includes International Baccalaureate, Advanced Placement, or honors classes. Like the FSEOG, students must be awarded the Pell grant first to receive an ACG. To be eligible for the ACG, students must be enrolled half- or full-time and be in their first or second year of undergraduate study.
College parents who are awarded an ACG will receive $750 in their first school year and $1,300 in their second.
As of 2013, the deadline for turning in a FAFSA is June 30. Students can begin completing a FAFSA as early as January 1st each year. According to the Federal Aid Office, it is important for students to fill out a FAFSA as early as possible, since the grants are awarded on a first-come basis. Students who wait too long to turn in their FAFSA can miss the opportunity to receive a FSEOG or similar grant.
For some grants like the ACG, the number of students eligible for the award at a particular school can exceed the amount of funding the school has available for that award. In such cases, the amount of money given to individual students can be reduced.