The version of the bill passed by the U.S. House of Representatives last week includes as much as $16 billion in new funding for federal Pell Grants.
The grants are generally small – today the largest grants awarded are $4,850 per student – but are highly competitive and lucrative because they don’t have to be repaid.
The additional money Congress could set aside for the grants would raise the maximum award by $500 to $5,350. While that isn’t necessarily enough to make or break a college education for most students, it can make it easier for students to buy textbooks. And for many students, it’s that much less money that they have to repay through student loans.
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There are no guarantees that the added funding will make it the rest of the way through Congress, though. Some Republican senators have said the Pell Grant funding wouldn’t directly create jobs, and that it should be removed from the $900 billion economic stimulus bill. The bill could be voted on as soon as the end of this week.
Dispatches from Chicago's south side.
Friday, February 6, 2009
Stimulus bill could boost Pell Grants
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