Congress is sending more than $1.5 billion to colleges and universities thanks to earmarks and pouring millions more into student success grant programs as part of the $1.7 trillion spending package for fiscal year 2023 that lawmakers approved late last month.
The bill signed into law by President Biden increases the maximum annual Pell Grant award to $7,395—a $500 increase that will begin in the 2023–24 award year. It’s the second increase in as many fiscal years and the largest in a decade. Advocates and higher education groups said the $500 bump is significant and will help more students afford a college education.
