691.62—Calculation of a grant.
(a)
(1)
For each award year, the Secretary establishes and announces the ACG and National SMART Grant Scheduled Awards depending on the availability of funds for all students who are eligible for a grant under § 691.15.
(2)
The Secretary may revise the ACG and National SMART Grant Scheduled Awards in an award year depending on the availability of funds for all students who are eligible for a grant under § 691.15.
(2)
The maximum National SMART Grant Scheduled Award for an eligible student may be up to $4,000 for each of the third, fourth, and fifth years of the student's eligible program.
(1)
A full-time student is the lesser of $750 or a reduced ACG Scheduled Award as determined under paragraph (a)(2) of this section;
(2)
A three-quarter-time student is the lesser of $562.50 or 75 percent of a reduced ACG Scheduled Award; and
(1)
A full-time student is the lesser of $1,300 or a reduced ACG Scheduled Award as determined under paragraph (a)(2) of this section;
(2)
A three-quarter-time student is the lesser of $975 or 75 percent of a reduced ACG Scheduled Award; and
(1)
A full-time student is the lesser of $4,000 or a reduced National SMART Grant Scheduled Award as determined under paragraph (a)(2) of this section;
(2)
A three-quarter-time student is the lesser of $3,000 or 75 percent of a reduced National SMART Grant Scheduled Award; and
(3)
A half-time student is the lesser of $2,000 or 50 percent of a reduced National SMART Grant Scheduled Award.
(f)
The amount of a student's grant under this part, in combination with the student's EFC and other student financial assistance available to the student, including the student's Federal Pell Grant, may not exceed the student's cost of attendance. Other student financial assistance is estimated financial assistance as defined in 34 CFR 673.5(c).