If you qualified for a Pell Grant in your financial aid package, there are other financial aid opportunities that you should know about. Beginning with the 2006-07 school year, Pell Grant recipients may also qualify for one of two new federal grants: the Academic Competitiveness Grant or the National SMART Grant. 

The Academic Competitiveness Grant
The Academic Competitiveness Grant is designated for first- and second-year college students who graduated high school after January 2006 or 2005, respectively. The goal of the program is to assist students who have demonstrated academic ability and require financial aid to help pay for college.

First-year students
To be eligible as a first-year student, you must be a U.S. citizen, qualify for a Pell Grant, be registered to attend school full-time in a degree-granting program, and have completed a "rigorous secondary-school program," as defined by the Secretary of Education. You must not have previously been enrolled in college.

The award for first-year students is $750.

Second-year students
To be eligible as a sophomore, you must qualify for a Pell Grant, have received at least a 3.0 GPA your freshman year, and have completed a rigorous high-school curriculum.

The award for second-year students is $1,300.

All told, it is estimated by the Department of Education that 60 to 70 percent of first- and second-year Pell recipients will qualify for additional funds.

The National Science and Mathematics to Retain Talent (SMART) Grant
In a recent speech before the Senate Health, Labor, and Pensions Committee, Secretary of Education Margaret Spellings summarized the intent of the new SMART Grants as follows: "…they will encourage students to take more challenging courses and pursue subjects that are critical in the new global economy-science, technology, engineering, and math."

Available for third- and fourth-year college students, SMART Grants will assist Pell-eligible students who choose to study physical, life, or computer sciences; math; technology; engineering; or a foreign language that is considered critical to national security. See a PDF list of eligible majors here.

To qualify, you must be a full-time student majoring in one of these areas, have at least a 3.0 GPA in classes for that major, and be a U.S. citizen. The total award amount is $4,000.

If you qualify
Generally, you will be notified by the Department of Education if it appears that you qualify. You will then need to complete an addendum to the FAFSA. (Financial aid administrators may assist with this.) If you are declared eligible, your grant money will be allocated to the school and included in your financial aid package. View an outline of eligibility criteria

A few lingering questions
Click here for more information on recognized rigorous secondary school programs of study for the Academic Competitiveness Grant program.

For more information on the implementation of these new financial aid programs, read the Dear Colleague letter put out by the Department of Education on May 2, 2006.