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The federal government's cornerstone for financial aid is the Federal Pell Grant.
The number of Pell Grants has grown significantly in the last several years.
If you qualify, the federal government assures that it will be available to you if you attend an institution of higher education.
The federal government also funds the Federal Supplemental Educational Opportunity Grant, which is allocated to schools who, in turn, award it to students with the most financial need.
Federal Pell Grants
Pell Grants are awarded to undergraduate students who have not yet earned a bachelor's or professional degree and who have financial need.
For the 2006-07 academic year, the maximum Pell Grant is $4,050.
The minimum is $400, if eligible.
Pell Grant eligibility is targeted to students with low Expected Family Contributions, as calculated by the federal government.
The amount of the Pell Grant also depends upon your cost of attendance, how long you are enrolled in the academic year, and your enrollment status as a full-time, three-quarter-time, half-time, or less-than-half-time student.
Federal Supplemental Educational Opportunity Grants (FSEOG)
Federal Supplemental Educational Opportunity Grants are awarded to undergraduate students with the greatest financial need based upon their Expected Family Contributions. Students who are eligible for Pell Grants receive priority for FSEOG awards. Unlike Pell Grants, the college or university, community college, or vocational or career school receives an allocation of FSEOG funds from the federal government and the amount varies depending upon how much Congress has appropriated. The school awards the limited funds based upon its own packaging policies and strict guidelines from the federal government.
FSEOGs range from a minimum of $100 (if eligible and if funds available) to $4000 depending upon the school's policy. The legal maximum is higher, but schools seldom receive enough funds to award higher amounts. It is important that you meet the school's priority deadline for applications in order to be considered for grants.
Federal Scholarships
The federal government is not a large source for scholarships. Its investment in your education is primarily through grants, student and parent loans, and work-study programs. However, the federal government does have some scholarships of interest:
Robert C. Byrd Honors Scholarship
Byrd Scholarships are awarded to outstanding high school graduates who show promise of continued excellence in postsecondary education. You must apply for the scholarship during your last year in high school and you must have applied for full-time enrollment at the college or university at which you wish to receive the scholarship.
Students must be U.S. citizens, nationals, or Permanent Residents and have:
- A GPA of at least 3.80 (unweighted)
- An ACT score of at least 31 or an SAT I score of at least 1360
- GED students must have a score in the top 5% of the state GED scores (scores of 323 or more) in place of the GPA
- In Virginia, Byrd scholarships are administered by the Virginia Department of Education. Application information is sent to all public and some private high school counselors and GED testing centers in the first quarter of the year after receiving notice of federal funding. Deadline notices are posted early each year.
To learn more, contact your Virginia high school counselor's office.
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Applying for Financial Aid 
