Like all grants, the Federal Pell Grant does not have to be repaid. For the 2010-2011 school year, the maximum award is $5500. The Pell Grant is need-based, so the amount a student gets depends on her income or that of her parents, if she is their dependent, as well as the cost of the school, and whether the student will be attending part- or full time.
The Federal Supplemental Educational Opportunity Grant (FSEOG) is for students with extreme need. Of those receiving the Pell Grant, the ones most in need will have the highest priority for the FSEOG. Depending on when the student applies, her income, and the amount of funding at the school she is attending, the award amount ranges between $100 to $4000 annually.
Unlike the other grants, the Academic Competitive Grant is not entirely need-based. To be eligible for the ACG, a student must be a Pell Grant recipient attending school at least half-time, and have completed a "rigorous secondary school program of study." The ACG awards $750 for the first year and $1300 for the second year.
The Teacher Education Assistance for College and Higher Education Grant (TEACH) is different than the other grants in that it has post-college conditions attached. Within eight years of graduating, TEACH Grant recipients must begin teaching at a school where low-income children enroll, and they must teach there for five years. Eligibility requirements include being enrolled in a program that will lead to a career in education, signing an Agreement to Serve, and maintaining a high cumulative GPA. Students awarded the TEACH Grant receive up to $4000 annually.
The Free Application for Federal Student Aid, or FAFSA, is the form every student must complete to apply for any type of federal student aid. Although the form asks for a lot of information, it will not be difficult at all if everything is gathered beforehand. The following items will be necessary: Social Security number, most recent income tax return, bank statements, a list of investments, records of any untaxed income, and a PIN number, which can be obtained from pin.ed.gov. For dependent students, all of these items must come from both parents as well.