7.3 million students will be eligible for Pell Grants in the Education Department's latest update to a key financial aid

[BumRushDaShow]

Source: Business Insider

Feb 27, 2024, 9:00 AM EST


President Joe Biden's Education Department is continuing its rollout of a key financial aid form — and its latest update is set to make more students eligible. On Tuesday, the Education Department is set to announce an update to the way it calculates the rewards for the Free Application for Federal Student Aid, or FAFSA, form.

Specifically, according to the press release obtained exclusively by Business Insider, the update ensures the FAFSA formula is "in full alignment" with the FAFSA Simplification Act. The Act requires the department to expand Pell Grants to more students and link eligibility to the student's family size and federal poverty level, beginning in the 2024-2025 school year.

The department estimates that its latest update to the formula will result in 7.3 million students becoming eligible for Pell Grants. Under Secretary of Education James Kvaal told BI that the update addresses how much students can afford to contribute to their educations based on earnings, and it will not impact the department's timeline to send completed applications to schools in the first half of March.

"We are putting all hands on deck and using every lever we have to make sure we can achieve the transformational potential of the Better FAFSA to make higher education possible for many more of our nation's students," Education Secretary Miguel Cardona said in a statement.

Read more: https://www.businessinsider.com/how-to-get-more-financial-aid-student-loans-fafsa-update-2024-2

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Full headline: 7.3 million students will be eligible for Pell Grants in the Education Department's latest update to a key financial aid application

Link to Department of Education PRESS RELEASE - U.S. Department of Education Announces Updates and Additional Preparation Support for 2024–25 FAFSA Implementation

[ClimateHawk]

1. This is good news.

If it weren't for pell grants, I probably wouldn't have the good paying job and career I have now.

[pazzyanne]

2. Thanks to Pell Grants, I received my BA in educaton.

I taught in a school in a poverty area to complete the terms of the grants. Will be forever grateful to those Pell grants.