Allowing Pell grant recipients to qualify for more student loan relief advances the administration’s racial equity efforts, the White House said in the fact sheet. And two-thirds of those awarded Pell grants have family incomes of $30,000 or less.īlack borrowers are twice as likely to have been awarded Pell grants as their White peers, and other students of color are also more likely to receive them. Instead, it is determined by the information included in the FAFSA, which looks at the family’s income, assets and the number of children enrolled in college, among other factors.īut nearly all recipients come from families with incomes of $60,000 or less, according to the White House.
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There is no set income threshold for eligibility. Students must fill out the FAFSA every year to receive Pell grants and other federal student aid. Colleges use the information on the form to determine eligibility for the Pell grant and the size of the award.
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Students start by submitting the Free Application for Federal Student Aid, known as the FAFSA.
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The maximum award for the 2022-23 academic year is $6,895.īut the amount students receive depends on a number of factors, including their expected family contribution to their cost of college, which is determined by their federal student aid application.Īlso considered is how much it costs to attend the college, as well as whether the student is enrolled full time or part time and is going for the full academic year or less. Claiborne Pell, who championed the program, the grants were first awarded in 1973. Unlike loans, they typically do not need to be repaid.Ībout 6.3 million undergraduate students received roughly $27 billion in Pell grants in fiscal year 2020, according to the Congressional Research Service. Pell grants are a type of federal financial aid for undergraduate students with “exceptional financial need,” according to the Department of Education. Here’s what you need to know about the Pell grant. The President intends to continue fighting to double the maximum size of the Pell grant, the White House said in a fact sheet.
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Congressional Democrats wanted to include a $550 increase in their budget reconciliation plan last fall, but the provision did not make it into the final version passed by the Senate earlier this month. Some 27 million Pell grant recipients will be eligible to have up to $20,000 of their student debt forgiven, according to a Department of Education estimate.īiden had proposed an approximately $1,400 hike to the maximum Pell grant award in the American Families Plan he unveiled in the spring of 2021. “For 50 years, Pell grants have been a key way for the federal government to help lower-income families, particularly those earning less than $60,000 a year, to send their kids to college,” said Biden, noting that the awards used to cover 80% of the cost of going to a four-year public college, but only cover roughly 32% of the cost today.Īs a result, many students have also had to take out loans to earn a degree.
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President Joe Biden, who campaigned on doubling the size of the Pell grant, highlighted the grant program at the start of his speech unveiling the debt relief effort Wednesday.