Federal spending bill increases maximum Pell Grant by $500
With President Joe Biden signing a $1.7 trillion federal spending bill before the New Year, the maximum Pell Grant will increase by $500 to $7,395 this year. The Pell Grant is a federal financial aid award available to college students from low- and middle-income families.
In a statement, U.S. Secretary of Education Miguel Cardona said increasing the maximum award amount by $500 “will help more students access college or career training,” noting that it’s the largest increase in 10 years. He also said the increase is the first step toward doubling the maximum award amount by 2029.
The increased award amount will be available to students beginning in the 2023-24 academic year.