President's budget to increase Pell maximum to $4,600
| FOR RELEASE: February 1, 2007 |
Contact: Katherine McLane, Samara Yudof (202) 401-1576 |
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Raleigh, NC — U.S. Secretary of Education Margaret Spellings announced today that President Bush's 2008 budget will raise the Pell Grant maximum for students to $4,600 next year, the largest increase in over 30 years, and $5,400 over five years, the largest five-year increase ever. Spellings unveiled the President's proposal during an address at the 2007 Annual Emerging Issues Forum on Transforming Higher Education: A Competitive Advantage for North Carolina hosted by North Carolina State University.
"Higher education costs have made it more difficult for low and middle income families to afford college," said Secretary Spellings. "States, institutions, and the Federal government must work together to increase need-based aid. The President's call for a Pell Grant increase will achieve this goal."
Each year, Pell Grants help more than five million full-and part-time low-income students afford higher education. Under the President's proposal, individual Pell Grants will increase by $550 next year, for a maximum of $4,600 and over the next five years by an additional $800, to a maximum of $5,400 for each student. Unlike student loans, students are not required to repay Pell Grants.
"This is real money that will help more low-income students achieve the dream of a college education," said Spellings.
The President's increase exceeds one contained in a spending bill passed by the House earlier this week, which proposed to raise the maximum Pell Grant amount for each student from the current $4,050 to $4,310 a year.
Additionally, Spellings emphasized the need to provide better information to students and families about how and where their education dollars are being spent.
"Just like any other investment or enterprise, we need meaningful data to better manage the system," Spellings said. "Higher education has long been one of the strengths of America. It's a system that encourages innovation and adapts to meet differing needs. With more than 90 percent of today's jobs requiring a post-secondary degree, it's critical that we provide the information and resources necessary to help students pursue higher educational opportunity."
For full text of the Secretary's prepared remarks please visit: http://www.ed.gov/news/speeches/2007/02/02012007.html
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