December 23rd 2022

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The new federal budget for FY 23, which Congress is expected to vote on today, includes a $500 increase in the maximum Pell Grant Award to $7,395. The increase will kick in for the 2023–24 award year and is the second increase in as many fiscal years.

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Advocates and higher education groups said the $500 increase is significant, especially when paired with the $400 increase to the Maximum Pell Grant award in the fiscal year 2022 budget.

“We are thrilled that Congress provided the $500 increase,” said one advocate. “It will significantly help low-income students finance their college education.”

Higher education groups had been pushing Congress to increase the maximum Pell Grant award to $13,000. President Joe Biden is aiming to do that by 2029.

The 4,155-page spending plan, also puts more money toward several student success grant programs as part of a $1.7 trillion spending package. The bill boosts funding levels for a range of federal higher education programs, including $137 million more for historically Black colleges and Minority Serving Institutions institutions.

There’s also $50 million for a new program to support research infrastructure investments at HBCUS, MSIs and tribal colleges. The Biden administration has requested $450 million to expand the research capacity of these institutions.

The Biden administration and higher education advocates had hoped to see higher increases across the board.

The current temporary budget resolution funding the government expires today. Lawmakers are expected to pass the new spending bill today after appropriators on both sides of the aisle worked over the last several weeks to reach an agreement on the plan.

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