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New
Federal Grant Programs Explained
Written by: Gina Maucieri, Senior Editor
Submitted by: Stephanie
Bender and Aristea Williams
At a recent event sponsored by EDFUND, attendees were treated to
a presentation by Kay Jacks from the U.S. Department of Education.
As general manager, Application
of School Eligibility and Delivery Services, Kay’s discussion
focused on the new Academic Competitiveness Grants (ACG) and National
Science and Mathematics Access to Retain Talent (SMART) Grants.
The ACG and National SMART Grant programs may present some new responsibilities,
but both promise to provide important new benefits to qualified postsecondary
students. The campus-wide reach of the new requirements will require
close coordination – probably more than any other Title IV program
– between the financial aid, registrar’s, bursar’s/student
finance, admissions and academic offices.
Certain underlying qualifications apply to both ACG and National
SMART Grant programs, but ultimately they are unique and distinct
programs. There will be many qualifying students in both programs,
and the first year of availability will see students qualifying at
all four academic years of study (first- and second-year students
for ACG, and third- and fourth-year students for SMART). Here are
the major aspects of the two programs to help you prepare:
- Facts Applicable to Both Programs
-
Funding is not subject to annual appropriations
process; funds not spent in one year are carried over to subsequent
years
-
Available for students attending two- or four-year
degree granting institutions
-
Subject to annual compliance audit and all other
reviews/inspections governed by Title IV
-
Both grants require recipients to be:
-
The total expected family contribution (EFC) and
all aid cannot exceed cost of attendance, nor can the ACG or SMART
Grants replace the EFC
- Academic Competitiveness Grant
-
First-year award: $750, second year: $1,300
-
First-year students must have completed, with passing
grades, a rigorous secondary school program of study after January
1, 2006 (“rigorous” is determined by each state and
approved by the U.S. Secretary of Education)
-
GED ineligible for consideration
-
Non-traditional secondary school programs eligible
for consideration include home school, Department of Defense
and Bureau of Indian Affairs schools
-
Second-year students must have completed a rigorous
secondary school program of study after January 1, 2005 and must
have at least a 3.0 GPA (monitored at first disbursement only)
-
Student must not have been previously enrolled
in a “program” of undergraduate education (a few classes
are OK, but not as part of a program)
-
Around July 1, 2006, a notification will be sent
to federal financial aid applicants who appear to meet minimum requirements,
informing them of the program and directing them to a Web site for
information and application (paper alternative will be available)
-
Web site will walk students through self-certification
process; information used to determine grant eligibility will later
be verified by the school financial aid office
- National SMART Grant
-
$4,000 per year for up to two years
-
Open to third- and fourth-year students enrolled
in a four-year degree program in certain designated subject areas
-
Recipients must have a cumulative GPA of at least
3.0 in the courses of study required for the major (monitored by
term)
-
Designated subject areas to include science, computer
science, technology, math or certain foreign languages (majors will
be listed on a Web site with Classification of Instruction Programs
code)
-
Institution must confirm:
-
If school policy does not require a major before
third year, student must show intent to declare major and enroll
in course work leading toward it
-
If student changes to a major not approved for
SMART Grants before disbursement date each term, student loses grant
(if after, student can keep grant)
Special thanks to Kay Jacks, U.S. Department of Education
More
information from USED
From the July issue of NewSource,
EDFUND's monthly newsletter providing timely, operational information
to EDFUND customers and lender partners.
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