Students are receiving a $20 million grant from the Department of Education’s College Financial Assistance Program, but many don’t know how it works or that it’s the biggest in the country.
The department announced Friday that it has awarded a $50 million grant for financial aid programs that provide help with tuition and fees, a $1 million grant to help families stay in school and a $30 million grant that provides financial assistance to students who attend an accredited college.
It’s one of the largest grants in the federal government’s history.
The Department of Agriculture announced a similar $10 million grant on Thursday.
“This grant will help millions of students and families in our communities access college and career-readiness services, while improving our schools’ financial stability and stability of the community,” said Kathleen Hartnett, secretary of education.
“We are pleased to announce that the Department has made a $10 billion investment in our colleges and universities to ensure that all students can graduate and be ready to contribute to our nation’s economic recovery.”
The department’s $50 billion investment comes on top of $50.5 billion in federal grants it’s made for the previous four years.
But the biggest portion of the money will go to the Department’s College Affordability and Transparency Initiative, or CAFTA, which is responsible for assessing financial aid for students and parents.
That program, which was created in 2015, is the largest single federal program dedicated to helping families afford college.
The new $50m grant is designed to help colleges meet their goals.
“It will make a real difference for our colleges, because it will be a direct transfer of the federal money from the federal budget to our colleges,” said Michelle Beall, a spokeswoman for the Education Department.
“The amount of money will be more than enough to cover the cost of the new administration’s proposed funding for tuition and fee assistance, as well as other services that will help families afford to attend college.”
For families like Shireman and Larkin, the news of the grant comes as they prepare to move into college, which they say is crucial to making the transition from the military to the civilian world.
The couple are working on a degree, and Shiremen has been applying for scholarships since they got married in December.
He said he’s hoping to take classes in a new program, but has no plans to attend.
“I think it’s a good thing to do, but I don’t think it is going to be easy,” he said.
“My main concern is for my family and for our children.”