Financial Aid
Financial Aid
College students seeking a teaching degree now have a new financial aid option beginning in the 2008-2009 school year. The U.S. Department of Education recently announced the Teacher Education Assistance for College and Higher Education (TEACH) Grant Program. The program is made possible through the College Cost Reduction and Access Act (CCRAA) and is designed to benefit prospective and current teachers.
Teaching students can be awarded up to $4,000 an academic year through the program. The program tops out at $16,000 for students working on the first bachelor’s degree or post-degree program (not including graduate programs). Graduate students can only earn $8,000 in financial aid from the program.
As with all federal financial aid, the award cannot exceed the cost of attendance (COA) minus any other grants, scholarships, or student loans. For students attending less than full-time, the TEACH award is prorated.
To qualify for the grant, students must meet the basic eligibility requirements as determined through the Free Application for Federal Student Aid (FAFSA). However, the program does not take into consideration any expected family contribution (EFC) as noted on the student aid report (SAR).
Other eligibility requirements demand the student take coursework necessary to facilitate a teaching career or plan on completing said coursework. Grant recipients must also have a GPA of 3.25 or better for each term financial aid is awarded and score above the 75th percentile on an admissions test (SAT, GRE, or ACT).
If a student receives the TEACH grant, he or she must agree to teach fulltime for at least four years in the eight year period following graduation. The recipient must agree to these terms and sign a contract promising to serve or pay back the grant. If the service agreement is not fulfilled, the student repays the grant via an unsubsidized direct student loan. To learn more about financial aid programs available for school,