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$500 Extra Grants for Students with New $7.1 Trillion Law

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The maximum Pell Grant will increase by $500 to around $7,400, as part of the recently signed $1.7 trillion bill that funds government operations, as stated in an article published by Inside Higher Ed on December 21, 2022.

The bill, signed by President Biden, also includes investments in medical research, veteran health care, and disaster recovery, among other things. It also prevents a partial government shutdown by ensuring the federal government has funding until the end of the budget year.

Pell Grants are a form of financial aid for low-income college and trade school students that do not need to be repaid. According to National College Attainment Network, they have helped 80 million low-income students attend college since their creation in 1972 and currently provide support for nearly 7 million students annually, approximately one-third of all undergraduates.

To be eligible for a Pell Grant, you must complete a Free Application for Federal Student Aid (FAFSA) and demonstrate financial need. Your Expected Family Contribution, as determined by your FAFSA application, will determine your eligibility for the grant.

Most Pell Grant recipients are undergraduate students who do not already have a college degree. The deadline to submit a FAFSA for the current academic year has passed, but students have until June 30, 2023 to apply for the 2023-2024 academic year.

 

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