Does anyone know anything about the new Academic Competiveness Grant Award process?

Question

On July 1st, I received an email application for the new Academic Competitiveness Grant Award started by the US Government for 2006-2007. I sent in back right away and, as far as I know, my college has it. Since I already got my Financial Aid Award from the college for next year, I don't know how they are going to award this. Does anyone know how long it will take to award? When will the maximum amount be determined (the amount is limited below the maximum if too many people nationwide apply for and get it). I have a sizable balance due to my college and this would help somewhat, but I can't wait forever to have them give it to me. Does anyone know what's happening with this?

Answer 1

As a chief Financial Aid administrator at my school, I can tell you that this Academic Competitiveness Grant is a nightmare to administer! It's a brand new program and, although the government expects us to administer it in a matter of months, they themselves haven't even laid out all the rules yet....

It's important to know that, just because you received that email notice from the Dept. of Ed, your school is ultimately responsible for determining your eligibility. Even if you ARE found to be eligible, don't expect your ACG funds to be available in September (or in time to pay your Fall semester bill). Please don't blame your school for this delay and don't assume that they are making you wait because of something that they did wrong... The government isn't even expected to make this money available to schools until October or later!

The ACG is unusual because is combines financial need AND academic merit in a way that no other federal student aid program has done in years. First, your school will have to gather information from your high school prooving that you took a certain type of "academically competitive" classes. Then they will need to check how recently you graduated -- if it was too long ago, you won't be eligible. After that, they need to determine your financial need and go back and forth with the government a few times before they can even request the ACG funding. As I said, it's going to be a nightmare and, in the end, it won't net you much money ($375 per semester as a Freshman and $750 as a Sophomore -- at most).

For information about all the "fun" things involved with the ACG, you can read this document: http://www.ifap.ed.gov/dpcletters/attachments/GEN0608Attach.doc

Answer 2

I don't know much about that, I was never very successful at receiving grants while I was in college.

but this might help you a bit.

http://www.daylon.com/scholarship/