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In the U.S., a grant is given on the basis of economic need, determined by the amount to which the college's Cost of Attendance (COA) [6] [7] exceeds the Expected Family Contribution (EFC), [8] calculated by the U.S. Department of Education from information submitted on the Free Application for Federal Student Aid following formulas set by the United States Congress.
The Byrd Honors Scholarships were established in 1985, providing $1,500 nonrenewable scholarships to eligible students. In 1993, the program was expanded to allow students who successfully completed their first year of college to reapply for stipends for the following three years.
It increased federal money given to universities, created scholarships, gave low-interest loans for students, and established a National Teachers Corps. The "financial assistance for students" is covered in Title IV of the HEA. The Higher Education Act of 1965 was reauthorized in 1968, 1972, 1976, 1980, 1986, 1992, 1998, and 2008.
All graduating high school seniors who are U.S. citizens or legal permanent residents and who have scored exceptionally well on either the SAT of the College Board or the ACT Assessment of the American College Testing Program on or before October of each year are automatically considered for participation. [5]
The State of Mississippi granted Alcorn three-fifths of the proceeds earned from the sale of thirty thousand acres of land scrip for agricultural colleges. From its beginning, it was a land grant college, and the money from the sale of the land scrip of the Morrill Act was used solely for the agricultural and mechanical components of this college.
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