While many stories right now are focusing on financial aid programs finding themselves strapped for cash to award an increased of needy applicants, this is not universally the case. Data published by The Chronicle of Higher Education shows that two federal grant programs that were added in 2006 still have more awards than applicants. The Academic Competitiveness Grant (ACG) and Science and Mathematics Access to Retain Talent (SMART) Grant have gained some participation, but still they're still falling short of enrollment goals.
Both grants are intended to supplement Federal Pell Grants for students who are both academically talented and financially needy. The ACG is a grant of $750 to $1,300 for college freshmen and sophomores who have completed a rigorous high school curriculum and excelled academically, while the SMART Grant is an award of up to $4,000 per year designed to support college juniors and seniors who are enrolled in a science, math, engineering, technology, or critically needed language program. Approximately 465,000 students received the ACG and SMART grants in the 2007-2008 academic year, up 95,000 from the first year they were offered.
In order to attract more applicants and meet their goal of doubling participation by the 2011-2012 academic year, the department is pushing financial aid administrators to become more aware of award criteria and to make sure the grants are being fully awarded. In addition, requirements have also been loosened and students enrolled in eligible five-year programs will be able to receive a SMART grant in their fifth year of school beginning in July.
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