Ten take-aways from the new government funding package

From New America: A $400 increase in the Pell Grant. This is the largest increase for Pell—a key source of need-based financial aid—in more than a decade, bringing the maximum for the 2022-2023 school year to $6,895. Advocates have long called for a doubling of the program, and the Biden administration has called proposals to increase Pell ‘down paymentson a campaign promise to do so. $885 million for Minority Serving Institutions. This is a $96 million bump for schools, including HBCUs, HSIs, and Tribal Colleges and Universities. Congress also provided higher education institutions with increased flexibility for spending down funds received from the three different rounds of emergency funds for higher education. These funds—from the CARES Act, The Coronavirus Response and Relief Supplemental Appropriations Act, and the American Rescue Plan of 2021 Act—can now be used to fund property purchases or construction, providing that it is related to coronavirus response.“

View the full article from New America.

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