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Pell Grant Increase Approved by Senate Panel

June 26, 2008

by Scholarships.com Staff

On Tuesday, a Senate panel approved a budget that would increase, among other things, the Pell Grant funding for the 2009 school year. Currently, students who demonstrate financial need—as determined by a Department of Education's FAFSA calculation—can receive no more than $4,300 in Pell Grant money, but not all eligible students receive the full sum.   For the upcoming year, the Pell Grant cap will be $4,731. If the Senate panel’s budget is approved by the Senate Appropriations Committee and by the Senate, students could be eligible for up to $4,800.

According to The Chronicle of Higher Education, the Senate panel’s bill would also provide new funding for the TRIO program, a seven-part financial aid initiative created to aid students from disadvantaged backgrounds and those facing circumstances that might hinder their academic pursuits. Additionally, it would provide colleges and universities with more money to pay for the Perkins Loan forgiveness program, one wherein colleges cancel the loans of students who enter select public service fields.

Today, the new initiative will move from the Senate panel to the Senate Appropriations Committee, and, if approved, it will be voted on by the Senate. Any differences between the Senate and House versions will have to be ironed out, and, only then, will President Bush have the option of signing.

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