ARRA - Student-Related Programs
Federal Work Study Program
Description: The Federal Work Study (FWS) program provides funds that are earned through part-time employment to assist students in financing the costs of postsecondary education. Students can receive FWS funds at approximately 3,400 participating postsecondary institutions. Institutional financial aid administrators at participating institutions have substantial flexibility in determining the amount of FWS awards to provide to students who are enrolled or accepted for enrollment. Hourly wages must not be less than the federal minimum wage. Funds available beginning July 1, 2009.
Funding Mechanism: Formula grants made directly to eligible postsecondary institutions that apply for an allocation of funds to be awarded to students.
Eligible Entities: Institutions of higher education
Responsibility for Implementation: Federal
Federal Agency: Education, Dept. of
Federal Amount: $200 million
Federal Web Site for the Work Study Program
PELL Grants - Federal Student Financial Aid
Description: Pell Grants are considered a foundation of federal student financial aid, to which aid from other federal and nonfederal sources might be added. A Federal Pell Grant, unlike a loan, does not have to be repaid. The American Recovery and Reinvestment Act increases the maximum Pell Grant award to $5,350 and provides additional funding to support these grant awards.
Funding Mechanism: Individuals receive Pell grants by applying and qualifying for federal financial aid. For eligible students, the Pell grant amount received will depend not only on financial need, but also on costs to attend school, status as a full-time or part-time student, and plans to attend school for a full academic year or less.
Eligible Entities: Individuals
Responsibility for Implementation: Federal
Federal Agency: Education, Dept. of
Federal Web Site for Pell Grants
American Opportunity Education Tax Credit
Description: Provides financial assistance for individuals seeking a college education. For 2009 and 2010, provides taxpayers with a new tax credit of up to $2,500 for the cost of tuition and related expenses paid during the taxable year.
Funding Mechanism: Refundable/nonrefundable federal tax credit.
Eligible Entities: Individuals
Responsibility for Implementation: Federal
Federal Agency: Internal Revenue Service
Federal Amount: $13,900,000,000
Federal Web Site for the American Opportunity Education Tax Credit
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