College Funding For Minorities

College Funding For Minorities

There are a number of programs available for minorities who are wanting to further their education. Some of these you have probably heard of and some are not so well know. Let's take a look at some of the funding sources that are available.
The Federal Pell Grant Eligibility program is one of the most sought after grant programs available today. Continuing your education will give you more opportunities. Those who receive education credentials beyond a high school diploma have more employment opportunities and are able to earn substantially more than those that do not further their education. According to the U.S. Census Bureau, a person with a bachelor's degree earns almost double what someone with only a high school diploma earns.

What is the Federal Pell Grant Eligibility Requirements?

The Federal Pell Grant program is a post-secondary, educational federal grant program sponsored by the U.S. Department of Education. This type of grant is usually awarded to undergraduate students - those that haven't earned a bachelor's or graduate degree. The maximum grant amount for the 2008-2009 year is $4,731 and will increase to $5,400 by 2012. Students who require smaller amounts will receive less. Pell Grant money can be used for tuition, fees and educational expenses such as textbooks and materials for school. Unlike loans, the Pell Grant is not repaid unless, for example, you are awarded funds incorrectly or you withdraw from school prior to the end of term.

FSEOG Program - The Federal Supplemental Educational Opportunity Program (FSEOG) provides need-based grants to low-income undergraduate students to promote access to postsecondary education. FSEOG awards range from $100 to $4,000 a year. The amount of the award is determined by your school's financial aid office.

Academic Competitiveness Grant - The Academic Competitiveness Grant (ACG) is a federally funded grant program, new for 2006-07 that qualified students may receive for no more than two years. The maximum 1st year ACG is $750 per academic year ($375 per semester at CSUF). The maximum 2nd year ACG is $1,300 per academic year ($650 per semester).

TEACH Grant Program - The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program, provides up to $4,000 a year in grant assistance to students who are completing or who plan to complete course work needed to begin a career in teaching. Students must have at least a 3.25 GPA for each payment period to be eligible.

The Federal Perkins Student Loans Program provides low-interest loans to help needy students finance the costs of postsecondary education. Students can receive Perkins loans at any one of approximately 1,800 participating postsecondary institutions. However, recipients of Federal Pell Grants receive priority for Perkins Loans.

What Are the Terms of the Federal Perkins Student Loans.

A Federal Perkins loan is a low interest (5%) loan. The maximum amount for the Federal Perkins Student Loans to an undergraduate student is $4,000 per year, up to a total of $20,000 over the course of an undergraduate program. For graduate students, the max amount is higher at $6,000 per year and $40,000 over the course of the graduate studies.

This is just the tip of the iceberg when it comes to funding for minority students. There are many African American Scholarships as well as scholarships for Hispanics.