Extra $500 in grants for American students is set to be received

Pell Grants is a type of student aid that aimed to help college students or other secondary schools who have low income backgrounds. These are different as they almost never need to be repaid, unlike most student aid that comes in the form of loans. It started in 1972 where the pell grants provide support for nearly 7million students every year – about one-third of undergraduates. Additionally, it has helped almost 80million low-income students who wants to go in college.

The maximum value of the Pell Grant is set to increase this year. President Biden signed a bill about raising the maximum value to roughly $7,400. There is a $500 increase from the current maximum of pell grants which is $6,895. The rise fell under the recently signed $1.7trillion bill funding ongoing government operations by the President (Weiss, 2023). It was the largest increase given to grants over the past decade. This bill aims to ensure that the federal government will operate through the end of the federal budget year, avoiding a partial government shutdown.

If you’re applying for a Pell Grant, you must fill out the Free Application for Federal Student Aid (FAFSA). The program only provides grants to those who have low-income backgrounds. Applicants must not already have any college degree, and the majority of recipients are undergraduates.

Students have only until June 30, 2023 to submit their application for the 2023-2024 academic year. The federal deadline for submitting a FAFSA for the current academic year passed in June.