National Science and Mathematics Access to Retain Talent (SMART) Grant

In addition to the Pell Grant funds, National Science and Mathematics Access to Retain Talent (SMART) Grant provides for up to $4,000 each year.

Eligibility:

If the student is in their 3rd or 4th academic year. The student is pursuing a major in mathematics, science (including physical, life, and computer sciences) technology, engineering, or a critical foreign language, such as Arabic, Chinese, Korean, Japanese and Russian; Student has a GPA of at least 3.0.

Qualification:

Student must apply for financial aid by submitting the Free Application for Federal Student Aid (FAFSA) and have been determined to be eligible for a Federal Pell Grant. Student must be a U.S. Citizen. Student must be full time and enrolled in a two- or four-year degree program.

What is Academic Competitiveness (AC) Grant?

The Academic Competitiveness Grant encourage students to take more challenged classes in high school and to pursue college major in high demand (such as STEM: Sciences, Techology, Engineering, Math, and Critical Foreign Languages). In addition to Pell Grant, up to $750 will be awarded to eligible 1st year AC Grant Students; $1,300 to 2nd year AC Grant students.

Eligibilities:
1) Completed 1 of state designed secondary school program
2) Has passed at least 2 AP (Advanced Placement) tests or IB (International Baccalaureate) courses
or
3) Has completed high school courses of 4 year English, 3 year Math, 3 year of Sciences (include 2 years of biology, chemistry or physics), 3 years of social studies, 1 year of foreign language.
4) Student must be in the 1st or 2nd year of a 2 or 4 year degree study.

Qualification:
1) U.S. Citizen
2) Applied for Financial Aid (FAFSA), determined to be eligible for Federal Pell Grant
3) Full – Time student

What is Federal Pell Grants and Federal Suplemental Educational Opportunity Grant (SEOG)?

Federal Pell Grant is a need-based educational federal grants sponsored by U.S. Dept of Education. It ranges from $600 to $5,815 (If the EFC is greater than $5,234, the student doesn’t receive a Pell Grant). It’s named after the U.S. Senator Claiborne Pell. It doesn’t require a repayment. They are awarded based on FAFSA’s information and determined by U.S. Congress.

Federal Pell Grant are direct grants awarded through participating schools to students with financial needs who have not received their 1st bachelor’s degree that leads to a teacher’s certificate or license.

The Federal Supplement Educational Opportunity Grant (SEOG) is need-based grant (mostly given to Pell Grant recipients) and ranges up to $4,000. A student with a bachelor degree is also ineligible.

Why is Household important?

The student’s household is important because it decides whose income and assets are reported on the FAFSA, and if the student really qualifies as a dependent or independent student.

If the parents are married, their income and asset both need to be listed on FAFSA application. If the student has a stepparent, the stepparent’s income and asset will also need to be included. If the parents are divorced or separated, the income and asset of the parent with whom the student lived with the most during the last year must be listed. If the student live with both parents equal time (joint custody), the income and asset of the parent who provided the majority of financial support during last year must be listed. If the parent is widowed or single, only that parent’s income and asset is listed. The surviving parent must list only his/her income and assets. If both parents passed away when student signs the application, the student is considered “independent student.” Adoptive parents are treated the same as biological parents. Foster Parents‘ income and assets are not report.

Number of Household Members: 1) Student 2) Parents 3) Siblings 4) Student’s children, if any 5) Parent’s unborn children.

Number of Household Members in College: If you have additional Household Members currently enrolled in college, it will reduce EFC greatly.

According to U.S. News, here are the 100 best Jobs in America in 2023.

Let’s look at the Top 15 jobs in 2023.

#Job TitleProjected JobsMedian SalaryEducation Needed
1Software Developer370,600$120,730Bachelor’s
2Nurse Practitioner112,700$120,680Master’s
3Medical & Health Services Manager136,200$101,340Bachelor’s
4Physician Assistant38,400$121,530Master’s
5Information Security Analyst56,500$102,600Bachelor’s
6Physical Therapist40,400$95,620Doctorate
7Financial Manager123,100$131,710Bachelor’s
8IT Manager82,400$159,010Bachelor’s
9Web Developer28,900$77,030Bachelor’s
10Dentist7,700$160,370Doctorate
11Lawyer80,200$127,990Doctorate
12Veterinarian16,800$100,370Doctorate
13Physician19,400$208,000Doctorate
14Orthodontist300$208,000Doctorate
15Market Research Analyst150,300$63,920Bachelor’s

What are different schools’ ranking?

There are over 3,900 colleges and universities in the U.S. More than 2,000 offer graduate degrees.

U.S. News offer rankings and lists to help students narrow down their research.

Here are the National University Rankings.

Here are the National Liberal Arts Colleges Rankings.

Here are the Regional Universities (North) Rankings.

Here are the Regional Universities (South) Rankings.

Here are the Regional Universities (Midwest) Rankings.

Here are the Regional Universities (West) Rankings.

Here are the best undergraduate business programs.

Here are the best undergraduate Computer Science programs.

Here are the best undergraduate Engineering programs.

Here are the best undergraduate Nursing programs.

What are Parent’s Incomes

Parent’s Income is the critical piece in Financial Aid calculations. Incomes and benefits are assessed more (22 – 47%) than parent’s assets (5.64%) (see page : “WHAT IS EFC (EXPECTED FAMILY CONTRIBUTION) OR SAI (STUDENT AID INDEX)?”). The parent’s income are: any AGI (Adjusted Gross Income) reported on IRS 1040, 1040A, 1040EZ, and any untaxed income along with any benefits parents receive. Untaxed income and benefits include: earned income credit + child tax credits + this year’s child support + untaxed social security benefits paid to parents on behalf of children + Room/Board Allowances + this year’s retirement contributions (untaxed portion of 401(k), 403(b)) + this year’s untaxed retirement withdrawals + Veteran’s benefits + worker’s comp + + welfare benefits

What are the untaxed income and benefits that are not assessed?

All the grants, scholarships, loans, which students receive are not assessed as “untaxed income”. Any rollover pensions, food stamps, non-monetary gifts and assistance such as a car, stocks, FSA, etc.

What are MERIT-BASED SCHOLARSHIPS

Merit-based scholarships are the aids from colleges and universities’ own resources. Every college’s criteria is different. It’s not based on financial need. They are usually offered based on academic achievement (GPA, etc) or other talents (Musical or Athletic talents) or leaderships by serving the community or different organization. Colleges and universities use scholarships to attract students to meet their enrollment criteria (e.g. Geographic location and Gender diversity).

Like lottery: You have to be in to win it. To receive the Merit-based scholarships, you have to apply them. Schools normally publish their Average (50%) Academic Performance of Last Year’s Admitted Applicants (SAT & ACT, Avg GPA, etc). If you are interested in certain schools, make sure you know one of the two things: 1) Make sure you are above their Average Grades and Testing Scores; 2) Make sure your know your current High School standing %. If you are above not only the average, but first quartile (25%), then you are considered top students and you should apply for scholarships. Sometimes, schools will have scholarships application form in the Admission Package, others they have separate scholarships forms with an earlier deadline (than admission) that are listed on the website.

For Athletic scholarships from college, here is the Scholarship Stats, you can find out each specific sport’s scholarships statistics.

WHAT IS EFC (EXPECTED FAMILY CONTRIBUTION) OR SAI (STUDENT AID INDEX)?

The EFC (Expected Family Contribution) is the amount of money family is expected to contribute towards COA (cost of attendance).

Parents’ AGI (Adjusted Gross Income) + Untaxed Income & BenefitsIncome Allowance
Fed Income Taxes
SS (Social Security) Taxes
State Taxes
Employment Exp. Allowance
x 22 – 47% (assessed at a variable rate)=Parents’ Contribution from Income
Parents’ AssetsAsset protection Allowancex 5.64% (assessed at a variable rate, no asset protection allowance as of 2023-2024, FAFSA)=Parents’ Contribution from Assets
Students’ AGI (Adjusted Gross Income) + Untaxed Income & BenefitsIncome Allowance
Fed Income Taxes
SS (Social Security) Taxes
State Taxes
x 50% (assessed at a flat rate)=
Students’ Contribution from Assets
Students’ Assetsx 20% (assessed at a flat rate)=
Students’ Contribution from Assets
EFC (Expected Family Contribution)

In the EFC calculation: The family’s home/farm (if family lives in the home/farm) are not assessed. Business assets are not counted if the owner employs 100 or fewer full time employees. Above 100 employees are assess at a special net worth adjustment. Parental asset protection allowance is based on the age of the older parent. The allowance increases with the age of the older parent.

What are the assets included in FAFSA:
Included: 529s (Parent Assets), Bonds, Checking, CDs, Mutual Funds, Other Real Estate, Savings, Stocks, UTMA/UGMA & Trusts.

Excluded: 401K, Annuities, Family owned small business and Farms (2024-2025 + will be included), Home Equity, IRA, Life Insurance Values, Pension, Personal Property.

What is Cost of Attendance (COA)?

Admissions office and financial aids office work hand in hand, usually they are run by one umbrella, the department called “Enrollment Management”. There are many types of Admissions: ED (Early Decision), EA (Early Action), EV (Early Evaluation), RA (Regular Admission), Rolling, Open, Deferred Admission.

ED (Early Decision):
ED is when students apply to Early Deadline and if accepted, they are obligated to or committed to attend. Students are typically notified either acceptance or rejection by early December, sometime right before Christmas. This can be one of the best Christmas gifts!

EA (Early Action):
EA is when students apply to Early Deadline and if accepted, they are NOT obligated to or NOT committed to attend. EA application are usually due in Fall, and students receive decisions before the year end.

EV (Early Evaluation):
EV is when student apply in Early (by November) and were sent a decision (not an acceptance letter) by January about their chance of getting in.

RA (Regular Admission):
RA is the common type. Students usually send applications between November and January. Schools have minimum requirements, such as GPA, SAT or ACT, high school diploma, personal statement, essays, letters of recommendations. Schools usually compare students’: academic performance, extracurricular activities (EA), letters of recommendations.

Rolling (Rolling Admission):
Rolling allows students to apply ANYTIME during admission period (between September thru July).

Open (Open Admission):
Open are normally for community college students and online students. They allow students who meet minimum requirements to be admitted.

Deferred (Deferred Admission):
Deferred allows students who have personal, financial and other concerns to postpone their enrollment for up to one year.

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