Saturday, October 14, 2006

Higher Education Reconciliation Act of 2005

Parents and students, time to start working on the FAFSA (Free Application For Federal Student Aid) worksheet.

Higher Education Reconciliation Act of 2005
"Changes that may affect your student aid are listed below. These changes are the result of a new federal law that goes into effect on July 1, 2006; read further to see if any changes may affect your student aid.

New student aid grant program
The law also created a new student aid grant program called the Academic Competitiveness Grant (ACG). Congress has provided funding and the grants are available for the 2006-2007 award year. First-year undergraduate students will be eligible to receive up to $750. Second-year undergraduate students will be eligible to receive up to $1,300.

To be eligible for an ACG each academic year, a student must:
  • Be a U.S. citizen
  • Be Federal Pell Grant eligible
  • Be enrolled full-time in a degree program
  • Be enrolled in the first or second academic year of his or her program of study at a two-year or four-year degree-granting institution
  • Have completed a rigorous high school program of study (after January 1, 2006, if a first-year student, and after January 1, 2005, if a second year student)
  • If a first-year student, not have been previously enrolled in an undergraduate program; and
  • If a second-year student, have at least a cumulative 3.0 grade point average on a 4.0 scale for the first academic year.

If you have not filed a FAFSA or Renewal FAFSA, at the time that you complete your application, FAFSA on the Web will predetermine if you are eligible to answer the ACG questions".


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