The $1.7 trillion omnibus bill unveiled early Tuesday morning to fund the government includes the largest increase to the Pell Grant award in more than a decade.
The federal Pell Grant award, given to students looking to attend college with significant financial need, could be raised by $500, or 7.2 percent, in the upcoming fiscal year.
If passed, this would raise the Pell Grant award to $7,395 for the 2023-2024 school year. This would be the largest increase to the grant since the 2009-2010 school year.
The raise would be beneficial to thousands of low-income individuals looking to go to college, as 34 percent of undergraduates received a Pell Grant nationwide in 2022, according to the Education Data Initiative.
The increase would also build off the $400 raise that was given to Pell Grants in the 2022-2023 year.
Senate Majority Leader Charles Schumer (D-N.Y.) celebrated the increase to the maximum Pell Grant award in the omnibus bill in a speech on the Senate floor on Tuesday.
“For students, we secured the largest increase in Pell Grants in over a decade, an increase of $500. The maximum Pell Grant will now be $7,395, providing ladders up for millions of kids who come from poor and working families,” Schumer said.
Despite the celebration, the raise is lower than what the Biden administration requested. President Biden on the campaign trail said he wanted to double the maximum amount for the grants.
Aris Folley contributed.