Student loans are not the only form of financial
aid available to students. There are federally funded grants, work-study
programs and other modes of financial assistance
that do not require repayment. Most are based upon
financial need, but others are based on merit. Some are administered by the DOE
but others are offered at the discretion of the Financial Aid office of a
student’s school.
National Science and Mathematics Access to Retain Talent Grants, or National SMART grants, reward Pell Grant recipients in their third and fourth undergraduate years of college with outstanding academic records (for 2006 – 2007 academic year that means having 3.0 cumulative grade point average) majoring in computer sciences, mathematics, technology related subjects, or a critical-need foreign language. These grants, awarded on top of Pell funds, total as much as $4,000.00 per year.
The Federal Work Study Program, or FWS, is not a grant program. It is a way for students to obtain a job that provides funds to pay for their education. FWS is open to undergraduate and graduate students. FWS is administered through the Financial Aid office of colleges and universities. It is offered on a need basis and in theory it can provide work in a student’s chosen field. In practice it is more likely to involve restocking library shelves or doing community work on behalf of the college. Participants can either be paid directly by the university or have their salaries paid directly to the college to cover school expenses.