College Survival Advisor

Is there really such a thing as “free” money for college? The answer is, yes. Unfortunately, like most everything, there are stipulations when it comes to qualifying for this virtually free college funding. We’ll discuss financial eligibility requirements in this section along with the various types of funding available.

Free Money: Scholarships and Grants

The first example of free college money is scholarships. Additionally, there are a number of grants based on financial need, these include:

• Federal Pell Grant
• Federal Supplemental Educational Opportunity Grant (FSEOG)
• Academic Competitiveness Grant
• National Smart Grant
• Leveraging Educational Assistance Partnership (LEAP)
• Robert C. Byrd Honors Scholarship Program

The following section will give an overview of these grants; their potential worth, and how to go about applying for this free grant money for college.

Federal Pell Grant

The Pell Grant is the largest Federal grant program available and is based solely on financial need. There is no minimum grade point average necessary to qualify for the grant; however, students must maintain academic standing within the college or university to renew this healthy financial award. The Pell Grant award for the 2008-2009 school year is currently at a maximum of $4,731. As outlined in the financial aid section of this site, the U.S. Department of Education determines financial need for the Pell Grant based on information provided in the Free Application for Student Aid (FAFSA), which must be submitted by January 1st. In order to increase your chances of funding approval, you will want to gather paperwork and approach the process in the fall months.

Ineligible students include:

• Incarcerated students
• Students who owe on a Title IV grant
• Students in default on a Title IV loan
• Men who have not yet registered with Selective Service

Federal Supplemental Educational Opportunity Grant (FSEOG)

Federal Supplemental Educational Opportunity Grant or FSEOG money is presented to full-time and part-time students on a need basis. The maximum offering for this grant is $4,000 with the least eligibility award at $100. Each school’s individual financial aid office determines eligibility for this loan based on information submitted on the Expected Family Contribution (EFC) and Institutional Student Information Record (ISIR) which is the school’s copy of your student financial aid report as determined by FAFSA. If a student qualifies for this grant money, each learning institution will credit the tuition account or issue a check directly, or both.

Academic Competitiveness Grant (ACG)

This is another academic financial eligibility-based grant that will encourage students to take challenging courses in high school, which will most likely make them more successful in college. An ACG grant provides up to $750 for first year undergraduate students and nearly doubles in a student’s second year to $1,300. In order to qualify for grant money and renew this grant, students must meet the following criteria:

• Be a U.S. citizen
• Graduated from high school after January 1, 2005
• Eligible for the Federal Pell Grant
• Enrolled as a full-time first or second year student in a two or four year program
• Successfully completed rigorous coursework as determined by the state board of regents
• Second year students must maintain a cumulative GPA of at least 3.0

National Smart Grant

This particular grant, which students can also qualify for by completing FAFSA, is a little more specialized. However, National Smart Grant monies awarded to students, on a need-based priority are up to $4,000 per year. If you are an undergraduate student, consider holding true to this specific range of critera if this grant is high on your interest radar:

• Students must be third or fourth year students
• Full-time students
• U.S. citizens
• Eligible for the Pell Grant
• Must be majoring in areas of the sciences, such as computer, life, or physical sciences, mathematics, engineering, technology, or a foreign language deemed critical for national security.
• Students must consistently maintain a cumulative GPA of 3.0 in major coursework.

Leveraging Educational Assistance Partnership (LEAP)

Leveraging Educational Assistance Partnership (LEAP) was once known as the State Student Incentive Grants (SSIG). This grant is funded by individual states and the federal government. The college financial aid office to which you apply will automatically let you know if you qualify for this merit grant funding after completing your FAFSA application.

Robert C. Byrd Honors Scholarship Program

This scholarship program honors students for excellence and achievement in academic, extracurricular, and community involvement. High school counselors will have additional resources on the Robert C. Byrd Award as well as student qualification information.