Undergraduate students from families with less than $50,000 in income.
How it works: Grants do not have to be repaid
by the student, and other kinds of student loans can be used to supplement
grants. The maximum amount for grants changes each year, but the amount
an individual receives depends on financial need, the cost of the school
and status as a full-time or part-time student. For the 2007-2008 award
year, the top grant is $4,310, but that is increasing: In 2008-2009, the
top grant rises to a maximum of $4,600, and then by $800 over the next five
years, to a maximum of $5,400.