"The U.S. Department of Education has been working overtime to implement a complicated new grant program that provides up to $4,000 a year for aspiring teachers," University Business Magazine reports. "Congress created the Teacher Education Assistance for College and Higher Education (TEACH) Grant last year as part of the College Cost Reduction and Access Act. It sent the DOE and financial aid offices scrambling to develop regulations and practices to properly distribute grants when the program officially begins on July 1. One DOE official said the process was like 'putting together a bicycle while riding it.' This type of grant has the potential to become a loan and is commonly referred to as a 'groan.' Those at campuses opting to participate should be preparing now, setting up systems and procedures to enable the registrar's, admissions, and academic offices to work with the financial aid office on program implementation and operation. These offices can share the considerable burden of administering TEACH Grants and reduce the risk of students being harmed instead of helped by the program."